Tax Updates : Karnataka's Nandi Constructions Opts for DTVSV Act, 2020

Income-tax Act, 1961 is an interesting Act. Apart from this Act, there are few other Acts which deal with tax.

Recently, Nandi Constructions, which had filed an appeal for AY 2004-05, before Income Tax Appellate Tribunal, Bangalore had withdrawn its appeal. Nandi Constructions had opted to "settle the issue under Direct Tax Vivad Se Vishwas Act, 2020". [para 2]  Refer ITA No.3/Bang/2021 : Order dated 18 March 2021. Opting for settling the issue seems to be a wise decision on part of the assessee.

It is relevant to note that income tax evasion is a growing menace in Asia. While there are several unscrupulous assessees who chose to play with the provisions of the Income-tax Act, 1961 and get caught by Income Tax Department, however, Income Tax Department ensures that the financial interests of the country are not destroyed by such unscrupulous assessees.

Vishal

Guwahati

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