Resolution of Tax Dispute Under Vivad Se Vishwas for Iqbal Impex Pvt Ltd, Assessment Years 2013-14 & 2014-15

Case Background and Overview

This document provides a detailed analysis of the tax dispute involving Iqbal Impex Pvt Ltd, focusing on the assessment years 2013-14 and 2014-15. The case was handled through the Income Tax Appellate Tribunal in Delhi, presided over by Vice President Shri G.S. Pannu and Judicial Member Ms. Madhumita Roy.

Appeal Withdrawal and Settlement

Initially contested, the appeals for these years were ultimately withdrawn by the appellant, Iqbal Impex Pvt Ltd. The decision to withdraw stemmed from the company’s choice to settle the tax arrears under the Vivad Se Vishwas Scheme, 2020, a government initiative aimed at reducing litigation in the direct taxes.

Date and Proceedings

The hearing and final decision were conducted via video conferencing on November 26, 2020. Despite the appellant’s absence at the hearing, a letter dated November 18, 2020, was submitted, indicating the company’s intention to withdraw the appeals under the scheme.

Implications of the Decision

The withdrawal marks a significant resolution under the Vivad Se Vishwas Act, showcasing the act’s effectiveness in encouraging dispute resolution and reducing pending cases related to tax arrears. This case serves as a reference point for other entities considering similar avenues for settling longstanding tax disputes.

The tribunal accepted the withdrawal, leading to the dismissal of the appeals. This document covers the implications of such decisions and the potential benefits for both the taxpayer and the revenue department.

Resolution of Tax Dispute Under Vivad Se Vishwas for Iqbal Impex Pvt Ltd, Assessment Years 2013-14 & 2014-15