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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 ..... Tribunal, Chennai, 'C' Bench ('the Tribunal' for brevity) in I.T.A.No.2382/Chny/2016 and I.T.A.No.3146/Chny/2017 for the Assessment Years 2009-10 and 2015-16 respectively. The appeals were admitted on 29.07.2019 on the following Substantial Questions of Law for consideration: "T.C.A.No.526 of 2019: i. Whether the Appellate Tribunal is correct in law upholding the deletion of penalty levied under Section 271(1)(c) of Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 271AAB?" 2. We have heard Mr.T.R.Senthilkumar, learned Senior counsel appearing for the appellant/Revenue and Mr.A.S.Sriram, learned counsel for the respondent/assessee. 3. The learned counsel for the respondent / assessee, on instructions, submitted that the respondent / assessee intends to avail the benefit of Vivad 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 resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roviso deals with cases, where the issue is pending before the Income Tax Appellate Tribunal. The filing of the declaration is as per Section 4 of the Act and the particulars to be furnished are also mentioned in the Sub Sections of Section 4. Section 5 of the Act deals with the time and manner of the payment and Section 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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