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TMI Blog2020 (10) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... d the assent of the President on 17th March 2020 and published in the Gazette of India on 17th March 2020. In terms of the said Act, the assessee has been given an option to put an end to the tax disputes, which may be pending at different levels either before the First Appellate Authority or before the Tribunal or before the High Court or before the Hon'ble Supreme Court of India. The assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declaration to be filed by the assessee under Section 4 of the said Act is not in favour of the assessee. If such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... correct in law upholding the deletion of penalty levied under Section 271(1)(c) of ₹ 22,75,34,990/- when the assessee deliberately and wilfully furnished inaccurate particulars to the Assessing Officer? ii. Whether the Appellate Tribunal is right in law in not taking cognizance of the Hon'ble Apex Court's decision in the case of Dilip N.Shroff vs. JCIT [reported in 291 ITR 519] wherein the term 'inaccurate particulars of income' was explained? And iii. Whether the Appellate Tribunal was legally correct in not appreciating that the assessee's claim of deductions not being bona fide, penalty under Section 271(1)(c) gets attracted as held by the Madras High Court's decision in the case of Sharma Alloys ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vad Se Vishwas Scheme ('VVS Scheme' for brevity) and in this regard, the assessee is taking steps to file the application / declaration in Form No.I. 4. It may not be necessary for this Court to decide the Substantial Questions of Law framed for consideration on account of certain subsequent developments. The Government of India enacted the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3 of 2020) to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. The Act of the Parliament received the assent of the President on 17th March 2020 and published in the Gazette of India on 17th March 2020. 5. In terms of the said Act, the assessee has been given an option to put an end to the tax disput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 6 deals with Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases. Section 9 of the Act deals with cases, where the Act 3 of 2020 will not be applicable. 7. As observed, the assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declaration to be filed by the assessee under Section 4 of the said Act is not in favour of the assessee. If such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay in restoration of the appeal and on such request made by the assessee by filing a Miscellaneous Petition for Restoration, the Registry shall place such petition bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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