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V. Vasanthi - Dismissal of appeals filed by the assessee as withdrawn under VSV Scheme 2020

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Court :
ITAT Chennai

Brief :
This bunch of six appeals filed by different assessees are directed 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 2522/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 are directed 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. DR and also perused the material available on record. At the time of  hearing, learned counsels for the assessee’s have made astatement at bar that the assessee’s wants to utilize the DirectTaxes ‘Vivad se Vishwas Scheme, 2020’ to settle pending dispute relating to Direct Taxes and in this regard some of assessee’s havefiled form No 1 and 2 and awaiting form no. 3 from the designatedauthority. 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 and after hearing both parties, we found that the Government of India has announced in the Budget, 2020, a Direct Taxes ‘Vivad se Vishwas Scheme, 2020’ to settle pending dispute relating to Direct Taxes at various appellate forums including the FirstAppellate Authority, Tribunal, High Court and Supreme Court. In this regard, the Scheme has been notified on 17th March, 2020 and became Direct Taxes ‘Vivad se Vishwas Act, 2020’. As per the said Scheme, assessees are allowed to settle direct tax dispute in amanner and procedure prescribed therein by filing necessarydeclaration 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 attachment file
 

 

Guest
on 23 February 2021
Published in Income Tax
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