In ITA No. 270/DEL/2019, Punjab & Sind Bank chose to resolve its tax dispute under the Vivad Se Vishwas Scheme, 2020, showcasing the utility of this scheme in settling longstanding tax issues.
The case involved a dispute for the assessment year 2014-15, where the bank faced tax arrears that were contested before the Income Tax Appellate Tribunal, Delhi. The bank’s decision to opt for the Vivad Se Vishwas Scheme represents a strategic move towards a conclusive settlement.
The bank formally requested the withdrawal of its appeal, submitting necessary documentation under the scheme. This was accepted by the tribunal, highlighting the process and requirements set under the Vivad Se Vishwas Act, 2020.
The withdrawal under this scheme not only resolves the immediate fiscal liabilities for Punjab & Sind Bank but also illustrates the broader implications for the financial sector’s approach to tax disputes. The case serves as a significant precedent for other entities considering similar pathways to settle their tax controversies.
Withdrawal of Appeal by Punjab & Sind Bank Under Vivad Se Vishwas Scheme in ITA No. 270/DEL/2019
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