Green Valley Products Pvt. Ltd. vs IT Ward 10(3) – Dispute Settlement under Vivad Se Vishwas Scheme for AY 2015-16

Green Valley Products Pvt. Ltd. vs IT Ward 10(3): Dispute Settlement under Vivad Se Vishwas Scheme for AY 2015-16

Case Number: ITA 6525/DEL/2019

Appellant: Green Valley Products Pvt. Ltd., New Delhi

Respondent: IT Ward 10(3), New Delhi

Assessment Year: 2015-16

Order Type: Final Tribunal Order

Date of Order: 2021-01-04

Pronounced on: 2021-01-04

Background of the Case

Green Valley Products Pvt. Ltd., a New Delhi-based company, filed an appeal challenging the assessment order for the assessment year 2015-16. The appeal was directed against the order of the Commissioner of Income Tax (Appeals)-22, New Delhi, dated 31st May 2019.

The case was heard before the Income Tax Appellate Tribunal (ITAT) Delhi Benches “SMC” with Shri Bhavnesh Saini, Judicial Member, presiding over the proceedings. The appellant was represented by Shri M.P. Rastogi, Advocate, while the Revenue was represented by Shri Prakash Dubey, Senior Departmental Representative (DR).

Appeal Withdrawal under Vivad Se Vishwas Scheme

During the hearing on 4th January 2021, the appellant’s counsel informed the Tribunal that Green Valley Products Pvt. Ltd. had opted to settle the dispute under the Vivad Se Vishwas Scheme, 2020. The Vivad Se Vishwas Scheme was introduced by the Indian government to resolve pending tax disputes by allowing taxpayers to settle their cases by paying a specified amount, thereby avoiding prolonged litigation.

The appellant submitted Form No. 1 and Form No. 2 under the Vivad Se Vishwas Scheme, indicating their intent to settle the dispute. The counsel requested that the appeal be dismissed as withdrawn, subject to the issuance of Form No. 3, which would confirm the settlement under the scheme.

Tribunal’s Decision

The Tribunal, after considering the submissions made by the appellant, accepted the request for withdrawal. The appeal filed by Green Valley Products Pvt. Ltd. for the assessment year 2015-16 was dismissed as withdrawn, subject to the issuance of Form No. 3 in favor of the appellant.

The Tribunal’s order was pronounced in the open court on 4th January 2021, concluding the case.

Conclusion

The withdrawal of the appeal under the Vivad Se Vishwas Scheme marks the end of the tax dispute for Green Valley Products Pvt. Ltd. for the assessment year 2015-16. The company’s decision to opt for the settlement scheme highlights the effectiveness of the Vivad Se Vishwas Scheme in reducing litigation and providing taxpayers with a quicker resolution of their tax disputes.

This case exemplifies how businesses can benefit from government schemes designed to alleviate the burden of prolonged legal battles, allowing them to focus on their core operations while ensuring compliance with tax laws.

The Tribunal’s decision reflects the growing trend of taxpayers opting for dispute resolution mechanisms that offer certainty and finality, reinforcing the importance of such initiatives in the Indian tax system.

The order was finalized and pronounced in the presence of both parties, bringing the case to a close on 4th January 2021.

Green Valley Products Pvt. Ltd. vs IT Ward 10(3) – Dispute Settlement under Vivad Se Vishwas Scheme for AY 2015-16