Vivad se vishwas scheme 2024 new

This query is : Resolved

Krishna (Querist)
Follow

30 November 2024 sir ,
an assessee s assessment was carried out us 144 for AY 2017 18. Assessee now intends to go in scheme. Now assessee is required to pay only tax amount & no interest us 234A B & C is it correct ? second question is penalty notice us 271AAC is issued for income assessing us 69 i.e. unexplained money, however penalty order is not issued. If now assessee opts for scheme then penalty proceedings initiated us 271AAC will automatically dropped ?
please reply thanks in advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

01 December 2024 Yes, the assessee will only be required to pay the tax amount and not the interest under sections 234A, 234B, and 234C, if the assessee opts for the scheme.

Yes, if the penalty order has not yet been issued and the assessee opts for the scheme, the penalty proceedings under Section 271AAC will generally be automatically dropped.

Krishna

Krishna (Querist)
Follow

01 December 2024 Thank you very much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

01 December 2024 You are welcome.

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