GAIL (India) Ltd., a leading public sector unit in the natural gas field, successfully resolved a tax dispute for the assessment year 2015-16 under the Vivad Se Vishwas Scheme. This resolution was finalized through the withdrawal of ITA No. 544/Del/2019, which was initially filed against the DCIT, Circle-LTU, New Delhi.
The dispute covered issues from the assessment year 2015-16 that were contested before the Income Tax Appellate Tribunal (ITAT) Delhi. On March 3, 2021, during a virtual hearing, the tribunal accepted the withdrawal of the appeal, as the company chose the Vivad Se Vishwas Scheme to settle its outstanding tax disputes. This government initiative aims to reduce litigation and provide a platform for amicable resolutions of tax disputes.
The withdrawal reflects GAIL’s strategic approach to manage its tax affairs, ensuring compliance and minimizing litigation. This case also illustrates the utility of alternative dispute resolution mechanisms in managing corporate tax responsibilities efficiently. By choosing to settle under the Vivad Se Vishwas Scheme, GAIL not only ensured a quicker resolution but also highlighted its proactive stance in addressing regulatory challenges.
This decision serves as a significant example for other corporations facing similar tax disputes, underscoring the benefits of participating in government schemes designed to simplify and expedite the resolution of tax issues. The outcome for GAIL (India) Ltd. has positive implications for its financial planning and operational stability, allowing the company to focus on its core business activities without the distraction of prolonged legal disputes.
GAIL (India) Ltd. Settles AY 2015-16 Tax Dispute Under Vivad Se Vishwas Scheme
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