SHRI JAIMINBHAI PANNALAL INAMDAR,BARODA vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-3(1), BARODA

Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-3, Baroda passed for the Asstt.Year 2010-11 whereby the ld.CIT(A) confirmed action of the AO in confirming penalty of Rs.14,49,383/- imposed under section 271(1)(c) of the Income Tax Act, 1961.

At the outset, the ld.counsel for the assessee has placed on record a copy of Form No.1 along with Form No.1 being form for filing declaration and undertaking for exercising option to avail benefit to settle the case of the assessee under Direct Tax Vivad Se Vishwas Act, 2020. In other words, the assessee wants to resolve the issue with the department by availing benefit under Vivad Se Vishwas Scheme, and necessary formalities have been completed, and therefore, the appeal of the assessee requires to be withdrawn in terms of scheme. The ld.DR has no objection if the appeal of the assessee is treated to be withdrawn in terms of scheme opted by the assessee.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 appeal of the assessee before the Tribunal. Accordingly, the appeal of the assessee stands 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 appeal for adjudication before ITAT in accordance with law.

In the result, the appeal of the assessee stands dismissed under VSV scheme.