The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) dismisses the appeal filed by assessee, as withdrawn, pending the outcome of the Direct Tax Vivad Se Vishwas Scheme, 2024 application.
Duddu Nomeshwar,appellant-assessee,filed an appeal challenging the order passed by the Commissioner of Income Tax (Appeals)[CIT(A)] on March 29, 2024, under Section 250 of the Income Tax Act, 1961, for the Assessment Year 2015-16.
The assessee had submitted a letter on 28.10.2024, mentioning that it had filed Form 1 for resolving the issue through the Direct Tax Vivad Se Vishwas Scheme, 2024. The Authorized representative (AR) argued that, since the assessee opted to settle the matter under this scheme, the appeal could be dismissed as withdrawn, with the provision to reinstate it if the application under the scheme was not accepted by the Revenue.
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The Vivad Se Vishwas Scheme 2024 is a government initiative designed to resolve pending tax disputes by offering taxpayers an opportunity to settle outstanding direct tax issues. Under the scheme, taxpayers can pay the disputed amount, and the government waives penalties and interest, facilitating a quicker resolution of cases. The aim is to reduce the backlog of tax litigation and ensure faster closure of cases, promoting tax compliance and easing the burden on the judicial system. This scheme provides a simplified process for taxpayers, offering them a chance to settle disputes without lengthy legal proceedings. The two member bench comprising George George K(Vice President) and Padmavathy S (Accountant Member)dismissed the appeal based on the letter submitted by the assessee, while allowing the option to file a petition for reinstatement if the application under the Vivad Se Vishwas Scheme, 2024, was not accepted by the Revenue.
In short,the appeal filed by the assessee was dismissed as withdrawn.
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