This case involves Hemant Vasisht from Gurgaon, who filed an appeal against the ITO Ward-2(1), Gurgaon for the assessment year 2015-16, related to disputed tax assessments.
The appeal was part of a series of legal disputes involving the assessment years 2014-15 and 2015-16. These disputes were primarily due to disagreements over the tax amounts assessed by the CIT(Appeals)-1, Gurgaon.
On August 18, 2022, Hemant Vasisht opted to settle the disputes under the Vivad Se Vishwas Scheme, a government initiative to reduce litigation in tax disputes. This decision led to the withdrawal of the appeal, with the Department issuing a final settlement order in Form No. 5.
The withdrawal of the appeal was accepted by the ITAT on August 29, 2022, with no objections from the CIT-DR. This resolution marks a successful closure of the fiscal disputes under the scheme, which aims to offer taxpayers a streamlined approach to resolving tax disputes.
The case of Hemant Vasisht demonstrates the practical application and benefits of the Vivad Se Vishwas Scheme. By opting for this mechanism, Vasisht was able to avoid prolonged litigation, leading to a quicker resolution of his tax liabilities for the assessment year 2015-16.
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