This detailed review discusses the tax dispute resolution involving Nahar Retail Trading Services Ltd. and the Income Tax Officer, Ward-17(3), New Delhi, for the assessment year 2014-15. The case, filed under ITA No.1044/Del/2019, reached a resolution through the Vivad Se Vishwas Scheme, 2020.
The case originates from disagreements over tax assessments by the ITO against Nahar Retail Trading Services Ltd. The primary contention involved discrepancies in tax calculations and filings for the assessment year 2014-15.
On August 31, 2021, a virtual hearing was conducted, presided over by Shri G.S. Pannu, Vice President, and Ms. Suchitra Kamble, Judicial Member of the ITAT. Despite the appeal by the assessee, no representation was made on behalf of Nahar Retail Trading Services Ltd. during the hearing.
The counsel for Nahar Retail previously submitted a letter requesting the withdrawal of the appeal, citing the company’s decision to opt for the Vivad Se Vishwas Scheme. This government initiative is designed to reduce litigation and provide a straightforward mechanism for settling pending tax disputes.
The withdrawal signifies a pivotal decision in tax dispute resolution, showcasing the impact of government schemes designed to foster compliance and reduce litigation. The decision also highlights the Tribunal’s acceptance of such withdrawals, provided there is no objection from the Senior DR.
The case of Nahar Retail Trading Services Ltd. vs. ITO, Ward-17(3), New Delhi sets a precedent for the effective use of the Vivad Se Vishwas Scheme in resolving tax disputes. This case not only resolves the specific fiscal discrepancies for the assessment year 2014-15 but also reinforces the role of amicable settlement options in the Indian tax system.
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