INCOME TAX ACT, 1961

Section 260A

Appeal (High Court) - Tribunal remitting the issue back to AO - -

Issue arose for consideration as to whether Tribunal was right in setting aside the well reasoned order passed by AO for reexamination, especially when all the materials available with the assessing officer and the CIT(A) were available before Tribunal and there was no new material placed before it to warrant a remand.Held: Assessee submitted that he already filed the declaration/undertaking under the Vivad Se Vishwas Scheme and orders were passed in Form No.3. An identical issue was considered by this Court in the decision in the case of CIT v. Manish D. Jain (HUF) (2020) 122 Taxmann.com 180 : 2020 TaxPub(DT) 5509 (Mad-HC) and the issue was answered in favour of the revenue. However, in the light of the subsequent development that assessee opted to avail the benefit of the said scheme, the assessee is given liberty to restore this appeal in the event the ultimate decision taken on the declaration filed by the assessee under section 4 was not in favour of assessee.

Followed:CIT v. Manish D. Jain (HUF) (2020) 122 Taxmann.com 180 : 2020 TaxPub(DT) 5509 (Mad-HC), Sunil Kumar Lalwani v. Income Tax Officer [ITA. No.659/Chny/2018, & ITA. No.660/Chny/2018, dt. 9-1-2019].

REFERRED :

FAVOUR : Directions issued.

A.Y. : 2014-15

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