Quick Summary
The Central Board of Direct Taxeshas issued a clarification on theprovisions of the Direct Tax Vivad se Vishwas Act, 2020, whereinfurther clarity with regard to the classification of a case as a search ease for the purposes of Vivad se Vishwas has been issued by the concerned authorities. Read the official notification below: F. No. IT(A)/1/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 04/2021 Dated: 23rd March, 2021
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FAQ :
The Act was enacted to reduce pending income tax litigation, generate timely revenue for the Government, and offer taxpayers peace of mind, certainty, and savings.
A 'search case' refers to an assessment or reassessment made under specific sections of the Income-tax Act (like 143(3), 144, 147, 153A, 153C, 158BC) based on a search initiated under section 132 or a requisition made under section 132A.
Yes, the CBDT has issued a clarification that modifies FAQ no. 70 of circular 21/2020, providing a more detailed definition of what constitutes a 'search case'.
The clarification was issued by the Central Board of Direct Taxes (CBDT) under the powers granted by Sections 10 and 11 of the Vivad se Vishwas Act.
This clarification was issued on 23rd March, 2021, as Circular No. 04/2021.
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