This article provides a detailed analysis of the Income Tax Appellate Tribunal decision in ITA No. 1170/DEL/2019 involving BSN Buildwell Pvt Ltd and CIT-2, New Delhi, for the assessment year 2008-09.
BSN Buildwell Pvt Ltd filed an appeal against the order passed by the Commissioner of Income Tax-II, Delhi, for the assessment year 2008-09. The appeal concerns discrepancies and disputes over tax arrears which the company sought to settle under the Vivad Se Vishwas Scheme, 2020.
On the date of the hearing, November 24, 2020, the counsel for BSN Buildwell Pvt Ltd submitted a request for withdrawal of the appeal, stating that the company has opted to settle the dispute under the Vivad Se Vishwas Scheme. The Senior DR present did not object to this withdrawal.
The Tribunal, comprising of Shri Amit Shukla, Judicial Member, and Shri Prashant Maharishi, Accountant Member, accepted the withdrawal request. Consequently, the appeal was dismissed as withdrawn. This decision facilitates a quicker resolution through the settlement scheme, thereby reducing litigation.
This case illustrates the application of the Vivad Se Vishwas Scheme as a viable option for resolving tax disputes. By opting for settlement, BSN Buildwell Pvt Ltd has potentially mitigated further litigation costs and complexities associated with tax disputes.
The dismissal of the appeal under the Vivad Se Vishwas Scheme marks a significant step towards reducing prolonged tax litigations and encourages other entities to consider settlement pathways for resolving similar disputes.
Settlement Review: BSN Buildwell Pvt Ltd vs. CIT-2, New Delhi – ITA No. 1170/DEL/2019
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