Shri Ashish Mahendra Chandiwal vs. The Income Tax Officer, Ward – 1 (1), O/o. Pr. Commissioner of Income Tax-1

Parties Involved

Facts Summary

The assessee's appeal for the assessment year 2012-2013 arises against the order passed by the Principal Commissioner of Income Tax, Nashik-1, dated 18.03.2024, under Section 147 of the Income Tax Act, 1961. The assessee argues that the Principal Commissioner of Income Tax erred in issuing a notice under Section 263 of the Act as the assessee had already opted for Vivad Se Vishwas, 2020, and paid taxes. The assessee also contends that the Principal Commissioner failed to appreciate that under Section 5 of Vivad Se Vishwas, 2020, he had no revisional powers for the assessment year. The assessee further argues that the assessment proceeding initiated under Section 263 was already dropped by the Income Tax Department, and thus, no fresh proceeding under Section 263 can be initiated.…

Legal Issues

• 1. Whether the Principal Commissioner of Income Tax erred in issuing a notice under Section 263 of the Act when the assessee had already opted for Vivad Se Vishwas, 2020, and paid taxes.
• 2. Whether the Principal Commissioner of Income Tax erred in passing the order under Section 263 of the Act when the assessment proceeding initiated under Section 263 was already dropped by the Income Tax Department.

Judgment Outcome

Decided in favour of Assessee.

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