2021 (1) TMI 1268 - AT - Income Tax

Vivad Se Vishwas Act 2020 - assessee has opted to settle the dispute relating to the tax arrears under the Vivad Se Vishwas Act 2020 for the assessment years under consideration and requested for withdrawal the said appeals - HELD THAT - As the captioned appeals are consigned to records and treated as dismissed. The aforesaid is subject to a caveat that in case the dispute relating to tax arrears for the captioned assessment years is not ultimately resolved in terms of the Act the assessee shall be at liberty to approach the Tribunal for reinstitution of the appeals and the Tribunal shall consider such application appropriately as per law. The Revenue has no objection with regard to the aforesaid caveat. Both the appeals are consigned to record and for statistical purposes are treated as dismissed.

Summary

The Appellate Tribunal ITAT Delhi dismissed appeals by ONGC Videsh Limited for assessment years 2011-12 and 2013-14 as the assessee opted to settle tax arrears under the Vivad Se Vishwas Act, 2020. The appeals may be reinstated if the tax arrears dispute is not resolved as per the Act. The order was announced on 11th January, 2021.