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Vivad se vishwas scheme

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ajeet singh

1064 Points Posted on 07 March 2020

assessee is in appeal before ITAT against penalty order. penalty amt. 6lakhs , under the scheme if he withdraw the appeal how much he have to pay.

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Quick Summary

This discussion clarifies the Vivad Se Vishwas scheme's application to penalty orders where an assessee has appealed to the ITAT. If you withdraw your appeal, you'll need to pay either 25% of the penalty amount by 31st March 2020, or 30% if paid after 1st April 2020. The discussion also touches upon whether interest is receivable on refunds when the penalty has already been recovered by the department, particularly for block assessment periods.

Viswanath Reddy

54 Points Posted on 07 March 2020

In case of default penalty, the assessee can settle the appeal by paying 25% of default penalty before 31.3.20. And if other wise, on / after 1.4.20 but before the last date he has to pay 30% of default penalty..

you can find these particulars in the circular no.7/2020 issued by CBDT on 4.3.20.

ajeet singh

1064 Points Posted on 07 March 2020

Department already recovered the whole penalty amount. assessee want to withdraw appeal under the scheme , either he will get interest on refund or not, the case is related to block assessment period