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TMI Blog2022 (7) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... produce the above details of availing Vivad-se-Vishwas Scheme 2020 and the Designated Authority has already issued Form 5 during the course of revision proceedings, the ld. PCIT was not aware of the above facts. Thus we of the considered opinion that the revision order passed u/s 263 by the ld. PCIT cannot survive. Revision order passed under section 263 is quashed. Appeal filed by the assessee is allowed. - I.T.A. No. 142/Chny/2021 - - - Dated:- 1-7-2022 - Shri V. Durga Rao , Judicial Member And Shri G. Manjunatha , Accountant Member Appellant by : Shri B. Ramakrishnan, F.C.A. Respondent by : Shri M. Rajan, CIT ORDER PER V. DURGA RAO , JUDICIAL MEMBER : This appeal filed by the assessee is directed against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee s share of income admitted under the head capital gain of Rs.5,89,625/-. During the course of assessment proceedings, after considering the seized materials during search and seizure action under section 132 of the Act, sworn statement of the assessee and verification of documents, the Assessing Officer issued a pre-assessment order dated 19.12.2018 to the assessee proposing an addition of Rs.12,56,667/- as assessee s income for the assessment year 2011-12 in addition to the admitted total income. In response to the above, the assessee filed detailed objections and after considering the objections of the assessee, the Assessing Officer has completed the assessment under section 144 of the Act dated 28.12.2018 by assessing total i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. 4. On being aggrieved, the assessee is in appeal before the Tribunal. The ld. Counsel for the assessee has submitted that 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. However, the ld. PCIT erroneously issued notice on 25.01.2021 for revising the assessment order and completed the revision order under section 263 of the Act dated 25.02.2021 without taking cognizance of the proceedings under Direct Tax Vivad-se-Vishwas Scheme 2020 and prayed for quashing the order passed under section 263 of the Act. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rears and sums payable towards full and final settlement. Once the declarant makes payment of the amount so determined, the immunity springs into effect. Thereafter, it would not be open to the Income-tax authorities to sit over such orders and initiate any proceeding under the IT Act. It is only in cases, wherein, the declaration is presumed to have never been made because of false declaration or violation of provisions of the Act or violation of an undertaking (section 4(6) of the Act), the income-tax authorities can take appropriate actions under the IT Act. We find force in the arguments of the ld. Counsel. The relevant provision of Section - 5, Direct Tax Vivad se Vishwas Act, 2020 is extracted as under: Section - 5, Direct Tax V ..... X X X X Extracts X X X X X X X X Extracts X X X X
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