This article presents an exhaustive analysis of the Income Tax Appellate Tribunal’s proceedings regarding Pankul Infrastructure Pvt Ltd’s appeal against the order of the CIT(A), New Delhi for the assessment year 2011-12. The main subject matter revolves around the settlement of the case under the government’s Vivad Se Vishwas Scheme, 2020.
The appellant, Pankul Infrastructure Pvt Ltd, had filed an appeal regarding discrepancies in the tax assessment for the year 2011-12. However, during the proceedings, the company opted to resolve the dispute through the Vivad Se Vishwas Scheme, a legal framework designed to settle pending disputes related to direct taxes.
The article explores the legal provisions of the Vivad Se Vishwas Scheme and its implications for resolving pending tax disputes. It also analyzes the decision-making process of the ITAT in accepting the withdrawal of the appeal by the assessee upon opting for the scheme.
The closure of this case under the Vivad Se Vishwas Scheme illustrates the effectiveness of alternative dispute resolution mechanisms in the realm of tax litigation. It highlights the importance of such schemes in reducing litigation and providing a non-adversarial tax environment.
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