VSV Scheme Settlement and Section 263 Revision: Closure of Tax Disputes?

PCIT Vs Swatiben Biharilal Parekh (Gujarat High Court) Revision u/s 263 – settlement of dispute under the Direct Tax Vivad Se Vishwas Act – Whether opting the VSV Scheme and finalizing thereof is nothing but the closure of disputes in respect of tax arrears which cannot be subsequently reopened by issuing notice u/s 263 of the Act for revising the assessment order? Introduction: The Gujarat High Court recently delivered a significant judgment in the case of “PCIT Vs Swatiben Biharilal Parekh.” This case revolves around the application of the Direct Tax Vivad Se Vishwas ...