9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (11) TMI 1121 - SCH - Income TaxLiability to pay interest on the income calculated under the MAT provisions Section 115J - eligibility of benefit of Direct Tax Vivad Se Vishwas Scheme 2024 - Scheme provides that for the purpose of seeking benefit under the said scheme the appeal should be pending as on 22nd July 2024. HELD THAT - Clause 10 of Circular no. 12 of 2024 makes it clear that as per Section 91(3) of the scheme the tax payer is required to withdraw appeals and furnish proof thereof along with intimation of payment under Section 92(2) of the Scheme. In view of the aforesaid, both the appeals are disposed of as withdrawn with liberty to the appellants to approach the authority for the purpose of availing the benefits under the Scheme 2024. In the event of any further difficulty, we grant liberty to the parties to come back before us by way of an appropriate petition.
Issues involved:
Challenge to the legality and validity of the High Court judgment affirming liability to pay interest under MAT provisions of the Income Tax Act, 1961. Interpretation of Direct Tax Vivad Se Vishwas Scheme, 2024 for availing benefits. Analysis: The Supreme Court considered the legality and validity of the impugned judgment by the High Court of Karnataka, which affirmed the liability to pay interest on income calculated under the MAT provisions of the Income Tax Act, 1961. The appellants challenged this judgment. The Revenue pointed out that the issue is covered by a previous decision of the Court in a specific case. However, the appellants argued that they seek to avail benefits under the Direct Tax Vivad Se Vishwas Scheme, 2024, which requires the appeal to be pending before the High Court as of a specified date. They referred to Circular no. 12 of 2024 issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, which provides guidelines on the Scheme. The Scheme outlines eligibility criteria for availing benefits, including the status of appeals or petitions pending before appellate forums or the Dispute Resolution Panel under the Income Tax Act, 1961. The Court examined the relevant clauses of the Direct Tax Vivad Se Vishwas Scheme, 2024, to determine the eligibility of the appellants to avail benefits under the Scheme. The Scheme defines who qualifies as an appellant eligible for the Scheme, including those with pending appeals or petitions before appellate forums or the Dispute Resolution Panel. The Court also considered a specific scenario where a taxpayer's appeal is pending as of a specified date but is disposed of before filing a declaration under the Scheme. The Scheme clarifies that such cases may not be eligible unless the taxpayer files a declaration and intimates the appellate authority, which may consider not disposing of the appeal. Additionally, the Court reviewed clause 10 of the circular, which emphasizes that the Scheme does not allow for settling issues in part; disputes must be resolved in full to be covered under the Scheme. Based on the analysis of the Scheme and relevant provisions, the Court concluded that both appeals are disposed of as withdrawn, granting the appellants liberty to approach the authority for availing benefits under the Scheme 2024. The Court also provided the parties with the liberty to return if they encounter further difficulties by filing an appropriate petition.
|
