·
ITAT President Justice P.P. Bhatt encourages stakeholders to
avail the Scheme so as reduce pending tax litigation
·
Government open to suggestions for better implementation of the
scheme and propose amendments to the Bill, says Mr. P.C. Mody, Chairman, CBDT
·
Overview
Ministry Of Law &
Justice vide Press Release id No. 1611698 dated 06th April, 2020 has published
news that Income Tax Appellate
Tribunal holds All India Video Conference on ‘The Direct Tax Vivad Se Vishwas
Act, 2020’.
Mr. Justice P.P. Bhatt, President, ITAT, stated
that :
a) as an institution specialising in adjudication of tax
disputes, ITAT expected all the stakeholders to consider availing the Scheme
which was intended to reduce the pending litigation, enable timely recovery of
taxes by the Government and sparing the taxpayers’ time, resources and energy
from litigation.
b) He urged the stakeholders, more particularly, the tax
practitioners to take the task further in a mission mode, so that the system
that is choked with the avoidable litigation could be relieved for
concentrating on more meritorious issues, which have a bearing on the tax
policies affecting the taxpayers on a large scale.
Mr. P.C. Mody, Chairman, CBDT explained,:
·
the objective behind the scheme and
·
the role of the stakeholders in making it a grand success.
·
Government as well as the Board have undertaken a massive
exercise of considering the suggestions from every corner, for proposing
suitable amendments to the Act
·
clarifying the doubts by way of answers to the frequently asked
questions.
·
Government and the Board are open for suggestions and comments
from every stakeholder for better implementation of the scheme in its letter
and spirit.
·
The representatives of the Bar Associations
unanimously expressed the opinion that the scheme itself is a wonderful piece of
legislature that has come after a long time. They expressed a feeling that the
unique initiative of holding the technical session by the ITAT would go a long way in facilitating the
implementation of the scheme and the expertise of the speakers on the subject
reflected in their dealing with the subject and had thrown a new light in the
understanding of the nuances.
·
The representatives of the Bar Associations also expressed their
satisfaction about the value addition to the knowledge which they would share
with the other members of the Associations and to encourage the deserving cases
to end up in filing the declarations under this scheme.
Mr. G.S. Pannu, Vice President of Delhi Zone emphasized :
CBDT draws up a mechanism, by way of which, the litigation is
kept within manageable limits by making suitable amendments in the Statute.
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