This article explores the resolution of a tax dispute involving Sanjay Kumar Gupta for the assessment year 2014-15, resolved through the Vivad Se Vishwas Scheme. This case sheds light on the procedural elements and the effectiveness of the VSVS in resolving longstanding tax disputes.
Sanjay Kumar Gupta faced tax disputes for the assessment year 2014-15 which led to legal proceedings. The dispute was primarily centered around issues adjusted by the tax authorities, leading to a disagreement over the calculated tax liabilities.
In an effort to resolve the dispute amicably and avoid prolonged litigation, Gupta opted to settle the dispute under the Vivad Se Vishwas Scheme, introduced by the Government of India to reduce pending income tax litigation and provide relief to taxpayers by waiving interest and penalties if the disputed tax is paid.
The case was brought before the Income Tax Appellate Tribunal, Delhi Bench, where it was discussed in detail. The tribunal reviewed the submissions made under the VSVS, and upon the filing of Form No. 5, which confirmed the settlement under the scheme, the appeal was dismissed as withdrawn.
The resolution of Sanjay Kumar Gupta’s tax dispute under the Vivad Se Vishwas Scheme illustrates the scheme’s potential in alleviating the burden of tax litigation for both the taxpayers and the judiciary. It underscores the importance of such schemes in the context of tax administration and compliance.
Settlement of Sanjay Kumar Gupta’s Tax Dispute under VSVS for AY 2014-15
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