Question of Direct Tax Vivad se Vishwas Scheme

This query is : Resolved

Omkar nath trpathi (Querist)
Follow

11 February 2020 Fact: Penalty u/s 271(1)C for A.Y. 2011-12 was imposed in June 2019 and the assesse has filed a valid appeal before the CIT(A). A mistake apparent from record was found in calculating the penalty of 100% of tax avoided and the assesse has filed petition u/s 154/155 for reduction of penalty from Rs. 16,01,084 to Rs. 8,00,542 because the 30% rate was adopted on short term capital gain instead of applicable rate of 15%. The rectification has been done on 10.02.2020 and penalty reduced to Rs. 8,00,542.
Question: The penalty which is pending before the CIT(A) has been rectified u/s 154/155 on 10.02.2020 against petition u/s 154/155 dated 03.01.2020. Penalty has been reduced from Rs. 16,01,084 to Rs. 8,00,542. As on 31.01.2020 the disputed penalty amount was Rs. 16,01,084 on which amount i.e. whether Rs. 16,01,084 or Rs. 8,00,542 the 25% amount is payable?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

11 February 2020 As on date the disputed penalty is nil after rectification so this scheme is not applicable to you.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DHANASHRI KARMARKAR

CA Aakarsh Jain

Michael & Co.

divakar podaturu

sachingurav

Subscribe Now

Question of Direct Tax Vivad se Vishwas Scheme

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA