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TMI Blog2022 (12) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... had already been accepted in earlier assessment years As in our considered opinion the CIT(A) could not have imputed the surrender under the VSV Act, 2020 and sustained the impugned disallowance of interest which was not part of the settlement of dispute under the VSV Act, 2020. Considering the facts of the case in totality in the light of the discussion herein above we direct the AO to delete the impugned disallowances of interest from the captioned assessment years. - ITA No. 986 to 989/Del/2021 - - - Dated:- 24-11-2022 - SH. N. K. BILLAIYA , ACCOUNTANT MEMBER AND SH. KUL BHARAT , JUDICIAL MEMBER For the Appellant : Sh. Gautam Jain , Advocate Ms. Monika Aggarwal , Advocate For the Respondent : Sh. K. M. Mahesh , CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed loans was made in respect of following parties :- 1. Agrawal Alloys Steel Pvt. Ltd. 7,69,066/- 2. Yogya Shipping Pvt. Ltd. 5,00,811/- 3. V. R. Portfolio Ltd. 3,18,671/- Total 15,88,548/- 6. The order was challenged before the CITI(A) and the CIT(A) gave part relief to the assessee sustaining the disallowance of interest on account of unsecured loans to Agrawal Alloy Steel Pvt. Ltd. and Yogya Shipping Pvt. Ltd. totaling to Rs.886252/-. 7. The CIT(A) sustained the disallowance by holding as under :- 8.7 I have carefully considered the submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the AO considered the same as unexplained cash credit and due to VSV Act 2020, the undersigned could not adjudicate the same. iii) Out of total claim of interest of Rs. 5,45,174/-, arising against the unsecured loans from M/s Agarwal Alloys Steel Pvt. Ltd., only that component is disallowed which relates to unsecured loans, as was taken in A.Y. 2010-11 and the AO considered the same as unexplained cash credit and due to VSV Act 2020, the undersigned could not adjudicate the same. However the claim of component of interest, which relates to unsecured loan, as was taken in A.Y. 2009-10 is hereby allowed. 8. A perusal of the above finding clearly show that the CIT(A) has been carried away with the stand taken by the assessee to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LP to contend that the declarant or the income-tax authority, as the case may be has acquiesced in the decision on the disputed issues by settling the dispute. 11. This can be further understood by the following clarification given by the CBDT in its Circular No.7 dated 04.03.2020 :- Question No. 52: Will the result of this Vivad se Vishwas be applied to same issues pending before Assessing Officer? Answer: No, only the issued covered in the declaration are settled in the dispute without any prejudice to same issues pending in other cases. It has been clarified that making a declaration under this Act shall not amount to conceding the tax position and it shall not be lawful for the income-tax authority or the declarant bein ..... X X X X Extracts X X X X X X X X Extracts X X X X
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