The case involves the Assistant Commissioner of Income Tax (ACIT) Circle-24(1), New Delhi, who filed an appeal against Srishti Infra Housing Pvt. Ltd., concerning the assessment year 2012-13. The primary contention was related to a tax dispute that was later resolved under the ‘Vivad se Vishwas Scheme 2020’.
The appeal was initiated by the Revenue against the order of the Commissioner of Income Tax Appeals-34, Delhi, which dated back to 15th March 2019. The appeal concerned adjustments and interpretations of tax liabilities for the assessment year 2012-13.
During the hearing, counsel for the assessee informed the tribunal that the assessee had opted for the Vivad se Vishwas Scheme 2020, which aims to settle pending disputes related to direct taxes. A certificate was granted electronically to the assessee, which led to the withdrawal of the appeal by the assessee’s counsel.
The tribunal, acknowledging the settlement under the Vivad se Vishwas Scheme, dismissed the Revenue’s appeal in limine. The order also noted that the Revenue retains the right to restore the appeal if deemed necessary due to justifiable reasons in the future.
The tribunal’s decision to dismiss the appeal highlights the effectiveness of alternative dispute resolution mechanisms like the Vivad se Vishwas Scheme in resolving longstanding tax disputes. This case sets a precedent for similar future disputes, promoting a quicker resolution process and reducing the burden on the judiciary.
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