Settlement of Potash Research Institute of India’s Tax Dispute for AY 2015-16 under Vivad Se Vishwas

Introduction

The Potash Research Institute of India, based in Gurgaon, engaged in a tax dispute for the assessment year 2015-16, resolved through the Vivad Se Vishwas Scheme.

Background of the Dispute

The dispute was originally triggered by the assessments made by the Income Tax Officer, Ward-2(4), New Delhi, leading to an appeal by the institute.

Resolution Through Vivad Se Vishwas

In 2021, the institute opted to resolve the dispute under the Vivad Se Vishwas Scheme, a governmental initiative aimed at reducing litigation in direct taxes. The institute filed the necessary declarations under the scheme, and the tax department issued acceptance of their participation.

Withdrawal of the Appeal

On 19th February 2021, during a virtual hearing, the Potash Research Institute of India formally withdrew its appeal, following the tax department’s acceptance of their settlement under the scheme. This decision was acknowledged by the tribunal without objection from the Senior Departmental Representative.

Settlement of Potash Research Institute of India’s Tax Dispute for AY 2015-16 under Vivad Se Vishwas