SHRI SHARAD KUMAR SARAF,MUMBIA vs. ASSISTANT COMMISSIONER OF INCOME TAX 25(1), MUMBAI

The assessee has moved petition seeking withdrawal of the appeal on the ground that the matter is settled under Vivad Se Vishwas Scheme 2020.

The Learned Departmental Representative does not oppose the prayer so made by the assessee.

We have heard the learned Departmental Representative Shri. T.S. Khalsa and also perused the letter of the assessee dated 07.12.2020. In the letter, the assessee has opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.

We find that the assessee has enclosed the copy of application of Form No. 3 under section 5(1) of the Direct Tax ‘Vivad Se Viswas Scheme-2020’ filed before the competent authority. We noted that once the assessee has opted for ‘Vivad Se Viswas Scheme-2020’ and filed Form-3 under the ‘Vivad Se Viswas Scheme-2020’ with the competent authority and the competent authority has issued Form No.3, it is not necessary for the Tribunal to decide the above raised issue as the Govt. of India has enacted the direct tax Vivad Se Viswas Scheme Act 2020 to provide for resolution of dispute mechanism in regard to direct tax disputes and for matters connected therewith or incidental thereto. In terms of the said Act, the assessee has been given an option to put an end to the tax disputes which may be pending at different levels including the Income Tax Appellate Tribunal. Under section 25 of the Direct Tax ‘Vivad Se Viswas Scheme-