THE KARAMSAD URBAN CO.OP. BANK LTD., (IN LIQUIDATION),ANAND vs. THE INCOME TAX OFFICER, WARD-2, ANAND

The above two appeals filed by the assessee arise from orders of the Commissioner of Income Tax (Appeals)-IV, Baroda dated 6.1.2014 and 8.9.2014 passed in respect of above two assessment years

When the matter was called for hearing, it is noticed that the assessee’s counsel Shri H.V. Doshi, has filed a letter stating that since assessee has opted for settlement of issue under Direct Tax Vivad Se Vishwas Act, 2020 it wants to withdraw both the above appeals. Along with the letter, the counsel has also filed copy of form no.3 issued by the designated authority for settlement of issue under the and 3356/Ahd/2014 said Act. In view of this, the ld.counsel for the assessee seeks withdrawal of the above two appeals pending before the Tribunal so as to avail benefit under scheme. The ld.DR has no objection if the appeals of the assessee are treated to be withdrawn in terms of scheme opted by the assessee.

In the light of the above submission made by assessee, we find no reason to keep pending appeals of the assessee before the Tribunal. Accordingly, the appeals of the assessee stand dismissed. However, in the event, the assessee fails to avail the benefit of VSV Scheme for any reasons, then the assessee will be at liberty to seek restoration of original appeals for adjudication before ITAT in accordance with law.

In the result, the appeals of the assessee are dismissed as withdrawn under VSV scheme.