Date of Order: March 22, 2022
Pronounced on: March 22, 2022
This article discusses the unique scenario where Usual Leasing & Finance Pvt. Ltd., based in New Delhi, opted to withdraw its appeal under the Vivad Se Vishwas Scheme, which was instituted to resolve pending tax disputes. The case relates to the assessment year 2009-10 and highlights the procedural aspects and outcomes of opting for this scheme.
The company faced tax discrepancies which led to an appeal. However, with the introduction of the Vivad Se Vishwas Scheme by the government, aimed at reducing litigation in direct taxes, Usual Leasing & Finance chose to settle its pending issues through this route.
Originally, the appeal was filed against an order by the CIT(A)-28. However, after opting for the Vivad Se Vishwas Scheme, the company obtained a certificate in Form No. 3, confirming its eligibility and the settlement of the dispute.
This section explains the legal framework of the Vivad Se Vishwas Scheme and its implications for businesses facing similar tax disputes. It discusses how this resolution mechanism offers a pragmatic approach to long-standing tax issues.
The outcome of ITA No.2115/DEL/2019 serves as a vital precedent for other corporations considering the Vivad Se Vishwas Scheme as a viable option to settle tax disputes. This case provides insights into the procedural aspects and strategic considerations of withdrawing an appeal under the scheme.
The article concludes by assessing the broader impacts of the tribunal’s acceptance of the withdrawal request under the Vivad Se Vishwas Scheme, particularly noting the advantages such as reduced legal costs and expedited resolution times for the taxpayer.
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