ITAT Dismisses GE Steam Power System’s Appeal on opting for dispute Settlement under VSVS [Read Order]

In a recent case, the Income Tax Appellate Tribunal (ITAT) dismsises the appeal filed by GE Steam Power Systems as it opted for dispute settlement under Vivad se Vishwas Scheme, 2024 (‘VSVS’).

The assessee challenged the assessment orders dated 20.02.2018 & 20.09.2019 passed u/s. 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 ( ‘the Act’), for assessment years 2015-16 and 2016-17, respectively.

The Counsel for the assessee submitted that the assessee has opted to settle the dispute in the appeals under Vivad se Vishwas Scheme, 2024 ( ‘VSVS’). Form No. 1 has already been filed for both assessment years i.e. AY 201516 and 2016-17 on 26.12.2024.

Step by Step Guidance for Tax Audit & E-filing, Click Here

However, till date Form No. 2 has not been received from the Department. He placed on record copy of Form No. 1 filed by the assessee for AY 2015-16 and 2016-17. Further, the assessee’s declaration under VSVS has not been rejected by the Department till date.

The DR raised no objection in case the assessee’s appeals are disposed of under VSVS. In light of the statement made by Counsel for the assessee, the appeals are dismissed as withdrawn.

A two member bench of Shri Vikas Awasthy, Judicial Member & Shri Naveen Chandra, Accountant Member granted liberty to the assessee to revive appeal(s) in the event application filed by the assessee under VSVS fails to mature.

It is further made clear that if the assessee /appellant seeks to restore the appeal in the event assessee’s declaration made under VSVS is not accepted, the Registry shall not insist for filing of application for condonation of delay, if the

Miscellaneous Application for recalling the order is filed beyond time on account of delay in communication of outcome under VSVS. The appeal of the assessee is dismissed as withdrawn.

Support our journalism by subscribing to Taxscanpremium. Follow us on Telegram for quick updates