This detailed review covers the appeal by Finesse Traders India Pvt. Ltd. against the decision of CIT(A)-13, Delhi, for the assessment year 2003-04, which concluded with the withdrawal of the appeal under the Vivad Se Vishwas scheme.
Appellant: Finesse Traders India Pvt. Ltd., New Delhi.
Respondent: The Income Tax Officer, Ward-9(2), New Delhi.
The appellant sought to withdraw the appeal through a submission via email, citing resolution of the tax dispute under the Direct Tax Vivad Se Vishwas Act, 2020. This move was made just days before the scheduled virtual hearing.
The virtual hearing did not see an appearance by the appellant, but the withdrawal request was uncontested by the Senior DR and was accepted by the Tribunal, led by Vice President Shri G.S. Pannu and Judicial Member Shri Sudhanshu Srivastava.
The decision to allow the withdrawal emphasizes the effectiveness of alternative dispute resolution mechanisms like the Vivad Se Vishwas Scheme in resolving longstanding tax disputes. This case not only reduces litigation but also underscores the policy’s aim to streamline tax dispute resolutions.
The case of ITA 984/DEL/2020 highlights the proactive approach of taxpayers in utilizing government schemes to amicably settle disputes, thereby saving on time and resources that prolonged litigation would entail.
Case Review: ITA 984/DEL/2020 – Withdrawal under Vivad Se Vishwas
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