Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

HIMP Educational Trust - Liberty given to the assessee to restore the appeals under VSVS Scheme, 2020

LinkedIn


Court :
ITAT Chennai

Brief :
This bunch of six appeals filed by different assessees aredirected against orders of learned Commissioner of Income Tax(Appeals),Chennai /Madurai of even dated 22.10.2019/ 01.02.2019 /02.07.2019 for respective assessment years.

Citation :
ITA 3450/CHNY/2019

IN THE INCOME TAX APPELLATE TRIBUNAL , ‘B’ BENCH, CHENNAI

BEFORE SHRI V.DURGA RAO , JUDICIAL MEMBER
AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER

O R D E R

PER BENCH:

This bunch of six appeals filed by different assessees aredirected against orders of learned Commissioner of Income Tax(Appeals),Chennai /Madurai of even dated 22.10.2019/ 01.02.2019 /02.07.2019 for respective assessment years.

2. We have heard the counsels for the assessee’s and the ld. DRand also perused the material available on record. At the time of hearing, learned counsels for the assessee’s have made a statement at bar that the assessee’s wants to utilize the Direct Taxes ‘Vivad se Vishwas Scheme, 2020’ to settle pending dispute relating to Direct Taxes and in this regard some of assessee’s have filed form No 1 and 2 and awaiting form no. 3 from the designated authority. In some cases, the assessee’s have received form no. 3 from the designated authority and in some cases, the assessee have filed letter and expressed their willingness to file form no. 1 and 2 before the designated authority.

3. The Bench has considered rival contentions of both sides andafter hearing both parties, we found that the Government of Indiahas announced in the Budget, 2020, a Direct Taxes ‘Vivad seVishwas Scheme, 2020’ to settle pending dispute relating toDirect Taxes at various appellate forums including the FirstAppellate Authority, Tribunal, High Court and Supreme Court. Inthis regard, the Scheme has been notified on 17th March, 2020 andbecame Direct Taxes ‘Vivad se Vishwas Act, 2020’. As per the saidScheme, assessees are allowed to settle direct tax dispute in a manner and procedure prescribed therein by filing necessary declaration and undertaking. The Scheme has also specified the amount of taxes, interest, and penalty, if any payable under the Act. If an assessee filed a declaration and pay specified taxes as per the scheme and withdraw the appeal pending before the appellate authorities, the Designated Authority shall pass an order in Form 5 confirming payment made under the scheme and grant immunity from penalty and prosecution.

To know more in details find the atatchment file
 

 

Guest
on 23 February 2021
Published in Income Tax
Views : 28
downloaded 6 times
Report Abuse

LinkedIn







Trending Tags