ITAT Dismisses Scan Ispat’s Appeal as Withdrawn Under Vivad Se Vishwas Scheme

The Income Tax Appellate Tribunal (ITAT) has dismissed an appeal filed by Scan Ispat, as the taxpayer opted to settle the tax dispute under the 'Vivad Se Vishwas' scheme. The tribunal's decision to close the proceedings signifies the successful resolution of the tax liability outside of conventional litigation. The 'Vivad Se Vishwas' scheme was introduced by the government to reduce the backlog of tax disputes by providing taxpayers with an opportunity to settle their cases by paying a specified amount of disputed tax, thereby avoiding further legal battles and promoting quicker revenue collection for the government.