This article explores the case of Amit Jindal, who settled his long-term capital gains tax dispute under the Vivad Se Vishwas scheme for the assessment year 2015-16, reflecting on the complexities of tax litigation and the benefits of the scheme.
Amit Jindal faced allegations from the Income Tax Department regarding the genuineness of his long-term capital gains from shares, leading to a dispute over the tax exemption claims under Section 10(38) of the Income Tax Act.
The case, filed under ITA No. 1547/DEL/2019, was handled by the Income Tax Appellate Tribunal in Delhi, where the bench considered various evidences and testimonies related to the transactions of penny stocks alleged to be manipulated.
The dispute was ultimately resolved under the Vivad Se Vishwas scheme, a government initiative aimed at reducing litigation in direct taxes and providing a pathway for settling pending disputes.
The resolution of Amit Jindal’s case underlines the effectiveness of the Vivad Se Vishwas scheme in resolving complex tax disputes, providing a mutually beneficial solution for both the taxpayer and the government.
Amit Jindal’s Capital Gain Tax Dispute and the Vivad Se Vishwas Scheme, ITA 1547/DEL/2019
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