This analysis delves into the ITAT Delhi Bench’s resolution of the appeal by Book My Forex Pvt. Ltd. against the Principal Commissioner of Income Tax (Pr. CIT), Gurgaon, for the assessment year 2014-15, which was eventually withdrawn in favor of settling under the Vivad Se Vishwas Scheme, 2020.
The company, situated in Gurgaon, challenged the orders of the Pr. CIT and CIT(A) dated March 30, 2019, and March 14, 2019, respectively. These appeals were part of a broader litigation strategy concerning the tax liabilities for the years 2014-15 and 2015-16.
The case came to a close without a hearing on the merits due to the assessee’s decision to settle the disputes under the Vivad Se Vishwas Scheme. A certificate under Section 5(1) of The Direct Tax Vivad Se Vishwas Act, 2020, was submitted as evidence of the dispute resolution. The tribunal accepted the withdrawal, and the appeals were dismissed accordingly.
The decision to withdraw these appeals and settle under the Vivad Se Vishwas Scheme represents a strategic move by the assessee to resolve disputes efficiently. This resolution mechanism provided by the government aims to reduce pending litigation and provide taxpayers a clear path to settle their tax disputes. This case highlights the effectiveness of such schemes in the Indian judicial system, facilitating quicker resolution of disputes and reducing the burden on the judiciary.
The dismissal of the appeals by Book My Forex Pvt. Ltd. against Pr. CIT, Gurgaon, marks a significant use of the Vivad Se Vishwas Scheme, showcasing the potential benefits of such alternative dispute resolution mechanisms in tax-related matters.
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