The following case summary explores the resolution of a tax dispute involving Kanti Bijlee Utpadan Nigam Ltd. for the Assessment Year 2014-15. This case is significant for understanding how companies can effectively use government schemes to resolve pending tax issues.
Kanti Bijlee Utpadan Nigam Ltd., a subsidiary of the National Thermal Power Corporation (NTPC), faced ongoing tax disputes for multiple assessment years, including 2014-15. The case proceedings were held under the scrutiny of the Income Tax Appellate Tribunal, Delhi Bench ‘A’.
During the tribunal proceedings via video conferencing, no representative for Kanti Bijlee Utpadan Nigam Ltd. was present. However, the company’s Chief Financial Officer had previously communicated via email the intention to settle the disputes under the Vivad Se Vishwas Scheme. This decision highlighted a strategic approach to dispute resolution, seeking to utilize governmental provisions for an amicable settlement.
The Tribunal acknowledged the absence of objections from the Senior Departmental Representative and accepted the company’s request to withdraw the appeals. Consequently, the appeals were dismissed as withdrawn, allowing the company to proceed with the settlement scheme.
The resolution of the tax dispute for AY 2014-15 under the Vivad Se Vishwas Scheme showcases the application of this legislative framework in resolving tax controversies. It provides a precedent for other corporations facing similar challenges, underscoring the benefits of engaging in settlement schemes to mitigate long-standing disputes.
Tax Dispute Resolution by Kanti Bijlee Utpadan Nigam Ltd. for AY 2014-15
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