SUBH LUXMI SECURITIES PVT. LTD. (NOW M/S INDIAN SECURITIES LTD.),DELHI vs. ACIT, CC, PATIALA

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ITA 1583/CHANDI/2017Status: DisposedITAT Chandigarh06 May 2021AY 2005-062 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The tribunal allowed the assessee's request to withdraw the appeal as the assessee had opted for the Vivad Se Vishwas scheme.

What were the facts?

The assessee filed an appeal against an order of the CIT(A). During the hearing, the assessee's counsel requested to withdraw the appeal.

What were the issues?

Whether the assessee can withdraw an appeal after opting for the Vivad Se Vishwas scheme.

Which sections of the Income-tax Act were involved?

Section 5(1)

AI-generated summary — verify with the full judgment below

आदेश/Order

PER N.K. SAINI, VICE PRESIDENT This is an appeal by the Assessee against the order dated 17/08/2017 of Ld. CIT(A)-5, Ludhiana.

2.

In the present case, the ld. Counsel for the assessee has furnished an application for withdrawal of this appeal stating therein as under:

1.

“Sub: Requests for permission to withdraw in the case of Shubh Luxmi Securities Ltd.- now M/s Indian Securities Ltd. Sir, Respectfully it is prayed that permission may kindly be granted to the appellant to withdraw the above mentioned appeal which is listed for hearing for 06/05/2021. The appellant has opted to avail the benefit of Vivad Se Vishwas Scheme and copy of Form No. 3 issued by the ld. Pr.CIT, Patiala is enclosed.

Thanking you.

2 ITA 1583/Chd/2017 Subh Luxmi Securities P Ltd. Vs ACIT Yours faithfully Sd/- Ashwani, C.A. Counsel for the appellant.”

3.

During the course of hearing the Ld. Counsel for the Assessee submitted that since the assessee has availed the immunity scheme i.e. Vivad Se Vishwas and the Income Tax Department has issued Form No. 3 bearing Certificate NO. 345896050280421 in response to the application filed by the assessee, under section 5(1) of the Direct Tax Vivad se Vishwas Act, 2020, therefore the appeal of the assessee may be allowed to be withdrawn.

4.

The Ld. DR did not object if appeal of the assessee is dismissed as withdrawn.

5.

In view of the above the appeal of the assessee is dismissed as withdrawn.

6.

In the result, appeal of the assessee is dismissed.

(Order pronounced in the open Court on 06/05/2021)

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