This article delves into the tribunal case ITA No. 130/DEL/2019 involving UKG Securities Pvt. Ltd. and the Income Tax Officer, Ward-27(1), New Delhi for the assessment year 2003-04. The focus is on the resolution process under the Vivad Se Vishwas Scheme.
The case concerns UKG Securities Pvt. Ltd., which faced tax disputes for the assessment year 2003-04. Due to prolonged litigation, the company opted to resolve the dispute through the Vivad Se Vishwas Scheme, an initiative aimed at reducing litigation in direct taxes.
The proceedings detail the company’s decision to withdraw the appeal originally filed against the order of the CIT(A)-9, New Delhi. This decision was made to take advantage of the Vivad Se Vishwas Scheme, which offers a consensual resolution pathway for outstanding tax disputes.
The decision to opt for the scheme rather than continue litigation highlights the financial and strategic considerations that companies must weigh. This case serves as an important example of how legal frameworks like the Vivad Se Vishwas Scheme can be utilized to settle long-standing disputes effectively.
The case of UKG Securities underlines the benefits of alternative dispute resolution methods in the context of tax litigation. It provides crucial insights for businesses and legal professionals about the importance of such schemes in the Indian judicial system.
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