This article provides an exhaustive review of the Income Tax Appellate Tribunal’s decision in ITA No. 770/DEL/2019 for the assessment year 2011-12, involving the Addl. Commissioner of Income Tax, New Delhi, and Rathi Steel And Power Ltd.
The dispute for the assessment year 2011-12 initially stemmed from adjustments made by the tax authorities, which were challenged by Rathi Steel And Power Ltd. The case was brought before the ITAT after the appeals at lower levels.
During the proceedings, the assessee opted for settlement under the Direct Tax Vivad Se Vishwas Act, 2020. This decision led to the dismissal of the appeal as withdrawn. The legal framework and procedural aspects of the Vivad Se Vishwas Scheme facilitated a swift resolution, avoiding prolonged litigation.
The hearing, held on March 14, 2022, was presided over by Shri Anil Chaturvedi, Accountant Member, and Shri Narender Kumar Choudhry, Judicial Member. The final decision was pronounced on the same day, marking the case’s conclusion under the Vivad Se Vishwas Scheme.
This case underscores the utility of the Vivad Se Vishwas Scheme in resolving pending tax disputes, aiming to reduce litigation and simplify the tax dispute resolution process. It also highlights the cooperative approach between the taxpayer and the tax authority towards achieving a mutual settlement.
The resolution of ITA No. 770/DEL/2019 exemplifies the effectiveness of alternative dispute resolution mechanisms in tax matters and provides a precedent for similar cases, offering insights into the practical application of the Vivad Se Vishwas Scheme.
Tax Dispute Settlement under Vivad Se Vishwas: Addl. CIT vs. Rathi Steel And Power Ltd., AY 2011-12
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