This detailed analysis covers the appeal ITA No. 1079/Del/2020 involving R.K. Lumbers Private Limited against the order of learned CIT(A)-7, New Delhi for the assessment year 2016-17.
The appeal was initially filed against adjustments made by the Assessing Officer which were upheld by CIT(A). R.K. Lumbers Private Limited sought to challenge these findings through tribunal proceedings.
The proceedings were conducted via video conferencing, where significant discussions regarding the applicability of the Vivad Se Vishwas Scheme, 2020, were held. On the day of the hearing, the appellant’s representative requested withdrawal of the appeal citing an option to settle under the Vivad Se Vishwas Scheme.
The tribunal accepted the withdrawal of the appeal but included a caveat. It was noted that if the settlement under the Vivad Se Vishwas Scheme fails at a later stage, the appellant may request the reinstatement of the appeal. This provision aims to safeguard the appellant’s rights while still encouraging settlement under the scheme.
This case underscores the impact of the Vivad Se Vishwas Scheme as a strategic tool for reducing litigation and facilitating quicker resolutions in tax disputes. It also illustrates the Tribunal’s flexibility in handling appeals that opt for settlement under new legislative frameworks.
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