“While the Vivad Se Vishwas Scheme 2024 (“VSV Scheme”) is nearly identical to the Vivad Se Vishwas Act 2020 (“VSV Act”) with most parts of the latter being adopted in the former, the scope for interference by the High Court to grant reliefs to an assessee in certain exceptional circumstances is expected to remain the same”
“The strict procedural norms and timelines prescribed in the VSV Act were often relaxed by the jurisdictional High Courts, while acknowledging and encouraging the spirit of settlement.”
“One interesting modification in the VSV Scheme from the VSV Act is that the VSV Scheme has done away with the difference between non-search and search cases for the purposes of calculating the tax amount finally payable by the assessee.”
“This reduced the ambiguities on this issue under the VSV Act and ensures uniform approach for the settlement of all types of cases under the Income Tax Act 1961.”
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