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TMI Blog2022 (11) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... ght not to have invoked the proceedings u/s.263 of the Act. 4. The learned Commissioner failed to appreciate the fact that AO has considered the issue in depth during the Original Assessment proceedings and specific queries had been raised on the transactions (which were under revision under section 263 of the Act) and in response to the same the Appellant had provided all the details as called for. 5. The Ld. CIT failed to consider that inadequate enquiry would not give an occasion to exercise jurisdiction under Section 263 of the Act. 6. The learned Commissioner ought to have appreciated the fact that the appellant had furnished all the details as required by the Assessing Officer in the course of assessment proceedings u/s.143(3) of the Act and thereby the AO was satisfied with the claim of the appellant and therefore the revision initiated under section 263 of the act was uncalled for. 7. The Ld. Commissioner erred in holding that the order now passed was made without making proper enquiries or verification which should have been made and hence the assessment order passed was not only erroneous but also prejudicial to the interest of revenue. 8. The learned Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . SBI Current A/C3159 3. Synd Bank SB 58195 4. Synd Bank C/A1233 5. Mahalaxmi Co-op Bank 1. Rs.1,34,68,765/- 2. Rs.20,00.000/- 3. -------------------- 4. Rs.11,88,000/- 5. ------------------- Rs.1,66,56,765/ - 1. Rs.1,34,68,765/- 2. Rs.20,00,000/- 3. Rs.2,00,000/ 4. Rs 11,40,000/- 5. Rs.2.40,000/- Rs.1,70,48,7651- Balance Rs.18,31,732/- Rs.7,14,297/- Less: Closing cash in hand as per books Rs.6,94,823 (as on 31.12.2016) Rs.8,07,135 (as on 30.12.2016 Difference Rs 11,36,909/- -Rs.92,838 4. Accordingly the AO treated a sum of Rs.92,838/- as unaccounted cash credit under Section 68 of the Act and applied tax rate under Section 115BBE of the Act. The PCIT initiated revision proceedings by stating as under: - "2, The assessee has deposited cash of Rs.1,70,48,675/- during the demonitization period in his bank accounts in five different Banks. The Assessing Officer should have obtained the cash denomination for all bank accounts, however, he has obtained these details only in respect of one Bank. The AO has not obtained and verified the cash denomination details from the other four Banks. The assessee has shown cash in hand of Rs.45,72,613/- as on 8.11.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only to the specific declaration made by the assessee and the related disputed tax and the due amount paid under the VsV Scheme. Any benefit cannot possibly extend beyond this and cannot extend to any further addition made by the Assessing Officer in consequence of this order. 7. This is clear from section 8 of the Direct Tax Vivad Se Vishwas Act which is as follows: No benefit, concession or immunity to declarant 8. Save as otherwise expressly provided in sub-section (3) of section 5 or section 6, nothing contained in this Act shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to which the declaration has been made. Section 5(3) of the Direct Tax Vivad Se Vishwas Act is as follows: (3) Every order passed under sub-section (1), determining the amount payable under this Act, shall be conclusive as to the matters stated therein and no matter covered by such order shall be reopened in any other proceeding under the Income-tax Act.... (emphasis added) 8. The assessee has not been able to substantiate his claim that revision u/s 263 is not permitted in the facts of his case. In this case, revi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for consideration is whether the impugned proceedings initiated after the petitioners opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020 are sustainable or not? 40. The expression disputed tax has been denied in Section 27 of the Direct Tax Vivad Se Vishwas Act, 2020 reads as under: (j) "disputed tax", in relation to an assessment year or financial year, as the case may be, means the income-tax, including surcharge and cess (hereafter in this clause referred to as the amount of tax) payable by the appellant under the provisions of the Income-tax Act, 1961, as computed hereunder:- (A) in a case where any appeal, writ petition or special leave petition is pending before the appellate forum as on the specified date, the amount of tax that is payable by the appellant if such appeal or writ petition or special leave petition was to be decided against him; (B) in a case where an order in an appeal or in writ petition has been passed by the appellate forum on or before the specified date, and the time for filing appeal or special leave petition against such order has not expired as on that date, the amount of tax payable by the appellant after giving effec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty leviable or levied on such disputed tax; or (ii) disputed interest; or (iii) disputed penalty; or (iv) disputed fee, as determined under the provisions of the Income-tax Act. 41. As per section 3 of the the Direct Tax Vivad Se Vishwas Act, 2020, notwithstanding anything contained in the Income-tax Act or any other law for the time inforce the amount payable by a declarant shall be as specified in the table to the said section. 42. As per section 4(6) of the Direct Tax Vivad Se Vishwas Act, 2020, the declarations filed under Section(1) shall be presumed to have never been made if:- "(a) Any material particular furnished in the declaration is found to be false at any stage; (b) The declarant violates any of the conditions referred to in this Act; (e) The declarant acts in any manner which is not in accordance with the undertaking given by him under sub-section(5) And in such cases, all the proceedings and claims which were withdrawn under section 4 and all the consequences under the IncomeTax Act against the declarant shall be deemed to have been revived." 43. Section 6 of the Direct Tax Vivad Se Vishwas Act, 2020, makes it very clear that once there is a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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