GE Steam Power Systems Vs ACIT (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) Delhi bench has dismissed appeals filed by GE Steam Power Systems for assessment years 2015-16 and 2016-17. The dismissal followed the company’s decision to settle the tax disputes under the Vivad se Vishwas Scheme, 2024 (VSVS).
GE Steam Power Systems informed the ITAT that it had filed Form No. 1 for both assessment years on December 26, 2024, indicating its intent to opt for the VSVS, although Form No. 2 from the department was still pending. The Departmental Representative did not object to the appeals being disposed of under the scheme.
Consequently, the ITAT dismissed the appeals as withdrawn. However, to safeguard the assessee’s rights, the Tribunal granted liberty to revive the appeals if the VSVS application does not materialize. The ITAT further clarified that if the assessee seeks to restore the appeal due to the VSVS declaration not being accepted, the Registry will not require an application for condonation of delay if the restoration request is filed late due to delays in communicating the VSVS outcome. This aligns with the precedent set by the Madras High Court in M/s. Nannusamy Mohan (HUF) vs. ACIT, decided on October 16, 2020.
