9911796707
TMI Blog2022 (7) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... see has filed a petition for condonation of the delay in the form of an affidavit, to which; the ld. DR has not raised any serious objection. Consequently, since the assessee was prevented by sufficient cause, the delay of seven days in filing of the appeal stands condoned and the appeal is admitted for adjudication. 3. Facts are, in brief, the assessee sold an immovable property of 30 cents of land located at Eachanari, Coimbatore, along with four others during the period relevant to the assessment year 2011-12 for a consideration of Rs.45,30,000/- through Power of Attorney given to Mr. D. Sundararajan on 14.07.2010. But the assessee has filed his return of income on 25.05.2016, admitting income of Rs.6,63,524/- only without admitting any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue. Therefore, by invoking the provisions of section 263 of the Act, the ld. PCIT issued notice to the assessee and also communicated the reasons for which the assessment order was treated as erroneous and prejudicial to the interest of Revenue. After considering the details available on record, the ld. PCIT has noted that the total value of the land sold was Rs.1,08,45,000/-. The assessee has received Rs.63,15,000/- in cash from M/s. Sree Annapoorna Sree Gowrishankar Hotels Pvt. Ltd. and Rs. 45,30,000/- as cheque amount towards sale of the said immovable property. The entire cash payment received by the assessee of Rs.21,05,000/- (1/3rd share of the assessee) was to be brought to tax. The ld. PCIT further noted that during the course of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vivad-se-Vishwas Scheme 2020. In this case, the assessment was completed on 28.12.2018 and the ld. PCIT has issued notice under section 263 of the Act on 25.01.2021 for proposing to revise the assessment order and thereafter completed the revision order under section 263 of the Act dated 25.02.2021. Much prior to issue of notice under section 263 of the Act by the ld. PCIT, and in order to settle the tax matter, the assessee has already opted to avail the Vivad-se-Vishwas Scheme 2020 and filed Form 1 and Form 2 on 10.11.2020 and subsequently Form 3 were issued to the assessee on 23.12.2020 by the Designated Authority and moreover, Form 4 was filed on 04.02.2021 for issuance of Form 5 and Form 5 was already issued and taxes accordingly paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such order shall be reopened in any other proceeding under the Income-tax Act or under any other law for the time being in force or under any agreement, whether for protection of investment or otherwise, entered into by India with any other country or territory outside India." 6.2 From the above provisions, it is amply clear that order passed by designated authority is conclusive, comprehensive and final, in respect of matters covered by such order. In the present case, the assessee has opted to avail the Vivad-se-Vishwas Scheme 2020 and filed Form 1 and Form 2 on 10.11.2020 and subsequently Form 3 were issued to the assessee on 23.12.2020 by the Designated Authority and moreover, Form 4 was filed on 04.02.2021 for issuance of Form 5 and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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