This case review details the settlement of tax disputes by Kanti Bijlee Utpadan Nigam Ltd. for the Assessment Year 2012-13. The company opted to resolve its tax disputes under the government’s Vivad Se Vishwas Scheme.
Kanti Bijlee Utpadan Nigam Ltd., a prominent power generation company, faced multiple assessment year disputes stretching from 2012-13 to 2015-16. The disputes culminated in appeals before the Income Tax Appellate Tribunal, Delhi Bench ‘A’.
The appeals for the years in question were scheduled for a hearing via video conferencing. Notably, no representatives for the appellant were present during the virtual hearings. However, the company’s Chief Financial Officer, via email, formally requested the withdrawal of the appeals, citing the decision to settle under the Vivad Se Vishwas Scheme.
The Tribunal, after noting the absence of objections from the Senior Departmental Representative, accepted the withdrawal of the appeals. This decision effectively dismissed the appeals, allowing the company to proceed with the dispute resolution scheme.
The decision to settle the disputes under the Vivad Se Vishwas Scheme illustrates a strategic move by Kanti Bijlee Utpadan Nigam Ltd. to mitigate prolonged litigation and potential financial implications. This case serves as a significant reference for other corporations considering similar avenues for dispute resolution.
Settlement of Tax Disputes by Kanti Bijlee Utpadan Nigam Ltd. for AY 2012-13
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