The Chennai Bench of Income Tax Appellate Tribunal (ITAT) dismissed the appeal by allowing the choice for opting under the Direct Tax Vivad Se Vishwas Scheme, 2024, with the liberty to reinstate the appeal if the application is not accepted.
Fulcrum Venture India, the appellant-assessee, filed an appeal against the CIT(A)‘s order dated 11.04.2024, pertaining to the Assessment Year 2018-19. During the hearing, the counsel representing assessee opted for the Direct Tax Vivad Se Vishwas Scheme, 2024, and filed Form 1, seeking to resolve the tax dispute under this scheme. The Direct Tax Vivad Se Vishwas Scheme, 2024, aims to expedite resolution of tax disputes and reduce litigation, allowing taxpayers to settle disputed tax amounts with the government.
Direct Tax – Vivad se Vishwas Scheme, 2024 Click Here
The two-member bench comprising George George K (Vice President) and S.R. Raghunatha (Accountant Member) examined the case and noted that the assessee, Fulcrum Venture India, opted for the Direct Tax Vivad Se Vishwas Scheme, 2024.
Hence the assessee, has been granted liberty to reinstate their appeal if their application under the Direct Tax Vivad Se Vishwas Scheme, 2024, is not accepted. This means that if the assessee’s application is rejected, they can revive their appeal, which was initially dismissed due to their decision to opt for the scheme.By opting for Direct Tax Vivad Se Vishwas Scheme, 2024 scheme, the assessee seeks to resolve the dispute and avoid further litigation, subject to meeting the scheme’s conditions and payment requirements.
Direct Tax – Vivad se Vishwas Scheme, 2024 Click Here
The Appellant was represented by Sonali Khatod & the Respondent was represented by Swapna Nanu Ambatt.
Hence, the appeal filed by the assessee was dismissed as withdrawn.
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