VSV scheme 2024

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This discussion clarifies eligibility for the VSVS 2024 scheme, particularly concerning assessments initiated by search under Section 133A. It's confirmed that cases where assessments were completed under Sections 143(3), 144, 147, 153A, or 153C based on a search under Section 132 or 132A are not eligible. This also applies if the assessment was based on seized documents from another party, even if the assessment was made under Sections 142 or 143.

Divyesh Ajmera

Divyesh Ajmera (Querist)

06 December 2024 If search u/s 133A initiated against second party and assessee received notice u/s 142 & 143, then such case cover under VSVS 2024?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

06 December 2024 No, not eligible.
Refer:: " Assessments framed under section 153A or 153C are clearly made on the basis of search-initiated u/s 132/132A. Therefore, such cases shall not be eligible for the DTVSV Scheme, 2024. For other cases where assessments have been made U/S 143(3) 144 or 147, following three sets of cases shall be considered as cases where assessments have been made on the basis of search initiated u/s 132/ 132A. These cases are: –
(i) & (ii) ....
(iii) Where the Assessing Officer has drawn satisfaction, with the prior approval of Principal Commissioner or Commissioner, that any books of account or documents, seized or requisitioned under section 132 or section 132A in case of any other person on or after the 1st day of April, 2021, pertains or pertain to, or any information contained therein, relate to, the assessee and assessments have been made consequently."

Divyesh Ajmera

Divyesh Ajmera (Querist)

06 December 2024 So, addition u/s 69A on which 115BBE applicable not covered under scheme?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

06 December 2024 Correct... cases not eligible under the scheme include the following,,,,
Cases pertaining to an assessment year where the assessment was completed under Sections 143(3), or 144, & 147, or 153A, & C, based on a search conducted under sections 132 or 132A.
Cases where the assessment or reassessment was based on information received through an agreement under sections 90 or 90A, if it relates to any tax arrears.

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