Bucher Hydraulics Pvt. Ltd., facing tax disputes for the assessment year 2014-15, opted for the Vivad Se Vishwas Scheme, leading to the withdrawal of its appeal before the Income Tax Appellate Tribunal, Delhi.
The company filed an appeal against the order from CIT(A)-33, which was later withdrawn in favor of settling the dispute under the Vivad Se Vishwas Act, 2020. This move demonstrates the company’s intention to resolve disputes amicably and avoid prolonged litigation.
The case illustrates the effective use of the Vivad Se Vishwas Scheme, introduced to reduce litigation in direct tax disputes. By opting into this scheme, Bucher Hydraulics Pvt. Ltd. was able to conclusively settle its outstanding tax issues without further contestation.
This resolution marks a significant step for the company in managing its fiscal liabilities and underscores the importance of alternative dispute resolution mechanisms in the corporate tax realm. The decision to withdraw the appeal was announced after a virtual hearing, confirming both parties’ agreement on the matter.
Bucher Hydraulics Pvt. Ltd. Settles Tax Dispute Under Vivad Se Vishwas Scheme
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