An in-depth look at the ITAT Delhi Bench’s proceedings regarding the appeal by Book My Forex Pvt. Ltd. against the Deputy Commissioner of Income Tax (DCIT) Circle-I, Gurgaon, for the assessment year 2015-16. This case was ultimately withdrawn in favor of resolution under the Vivad Se Vishwas Scheme, 2020.
The company, based in Gurgaon, challenged the decisions of the Pr. CIT and CIT(A) dated March 30, 2019, and March 14, 2019, respectively. This appeal was part of a broader strategy addressing the company’s tax liabilities for the years 2014-15 and 2015-16.
The proceedings were concluded without a detailed hearing due to the company’s decision to opt for dispute resolution under the Vivad Se Vishwas Scheme. A certificate under Section 5(1) of The Direct Tax Vivad Se Vishwas Act, 2020, confirmed the resolution of the dispute.
The choice to withdraw these appeals and resolve the issues under the Vivad Se Vishwas Scheme underscores a strategic approach to managing tax-related disputes. This government-provided resolution scheme aims to minimize litigation and provide a straightforward path for taxpayers to resolve their disputes, thereby alleviating the burden on the judiciary and simplifying tax compliance.
The dismissal of the appeals by Book My Forex Pvt. Ltd. against DCIT Circle-I, Gurgaon, marks an important instance of utilizing the Vivad Se Vishwas Scheme, demonstrating its value as an effective alternative dispute resolution tool in tax matters.
Book My Forex Pvt. Ltd. vs. DCIT Circle-I, Gurgaon for AY 2015-16
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