COMMISSIONER OF INCOME TAX, (IT & TP) vs. ROYAL BANK OF SCOTLAND N.V.

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ITA/146/2018HC CalcuttaWBCHCO000163201822 May 2024Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court held that in view of the settlement of the matter by the assessee under the Direct Tax Vivad se Vishwas Act, 2020, as evidenced by Form-V dated 17.07.2020, the appeal filed by the Commissioner of Income Tax was not required to be proceeded with further. Consequently, the Court disposed of the appeal. The reasoning was based on the legislative intent of the Vivad se Vishwas Act, which aims to settle disputes. The operative direction was to dispose of the appeal and all connected applications. No specific issue was left undecided; the entire appeal was resolved based on the settlement.

What were the facts?

This appeal, ITA/146/2018, was filed by the Commissioner of Income Tax, (IT & TP) against Royal Bank of Scotland N.V. The appeal was before the High Court at Calcutta, Special Jurisdiction (Income Tax). The procedural history indicates that an interlocutory application, IA NO: GA/1/2017, was also part of the proceedings. The matter was listed for hearing on 22nd May 2024 before Justices Surya Prakash Kesarwani and Rajarshi Bharadwaj. The assessee's counsel, on instructions, stated that the matter had been settled under the Direct Tax Vivad se Vishwas Act, 2020, and produced Form-V dated 17.07.2020. The appellant's counsel acknowledged this submission.

What were the issues?

The primary issue before the High Court was whether the appeal filed by the Revenue should proceed further. The Revenue contended that the appeal was not required to be proceeded with. The Assessee argued that the matter had been settled under the Direct Tax Vivad se Vishwas Act, 2020, and presented Form-V as proof of settlement. The court had to decide on the consequence of this settlement on the pending appeal. No specific provisions of the Income Tax Act were explicitly debated in relation to the merits of the original dispute, as the focus was on the settlement under the Vivad se Vishwas Act.

AI-generated summary — verify with the full judgment below

ORDER

O – 67 IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE

ITA/146/2018 IA NO: GA/1/2017 (Old No:GA/1428/2017) COMMISSIONER OF INCOME TAX, (IT & TP) VS ROYAL BANK OF SCOTLAND N.V.

BEFORE : THE HON’BLE JUSTICE SURYA PRAKASH KESARWANI

AND THE HON’BLE JUSTICE RAJARSHI BHARADWAJ Date : 22nd May 2024. Appearance: Mr. Amit Sharma, Advocate ... for the appellant. Mr. Akhilesh Kumar Gupta, Advocate ... for the respondent.

1.

Heard Sri Amit Sharma, learned junior standing counsel for the appellant and Sri Akhilesh Kumar Gupta, learned counsel for the respondent assessee. 2. Learned counsel for the respondent assessee states on instructions that the matter has been settled by the assessee under the Direct Tax Vivad se Vishwas Act, 2020 and in support of his submission, he has produced a copy of Form-V dated 17.07.2020, which is kept on record. Learned counsel for the appellant submits that in view of the aforementioned Form-V as produced by learned counsel for the respondent assessee, this appeal is not required to be proceeded with further.

2 3. In view of the aforesaid, the appeal is disposed of. All connected applications also stand disposed of.

(SURYA PRAKASH KESARWANI, J.)

(RAJARSHI BHARADWAJ, J.)

S. Kumar

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