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Income Tax Appellate Tribunal, “D” BENCH, AHMEDABAD
Before: SHRI RAJPAL YADAV & SHRI WASEEM AHMED
O R D E R PER WASEEM AHMED, AM: These two appeals of Revenue and cross objection of assessee are against the order of the ld.CIT(A)-XIV, Ahmedabad dated 22.05.2012 for Asstt. Year 2005-06 & 16.02.2016 for the Asstt.Year 2007-08, respectively. Since issues are inter-related,
1046/Ahd/2016 & CO Nos.170/Ahd/2012 & 70/Ahd/2016 ACIT (OSD) vs VMS Industries Ltd. AYs - 2005-06 & 2007-08 - 2 - for the sake of convenience, we dispose of all these appeals and C.O. by this common order.
At time of hearing, the ld. counsel for the assesse filed a letter dated 30.01.2021 stating therein that the assesse wants to settle the issues raised in the above appeals and C.O. under Vivad Se Vishwas Scheme. Therefore, the assesse has filed form no.1 and 2 being declaration and undertaking under the Direct Tax Vivad se Vishwas Act, 2020. Copies of the same are placed on record. It is therefore submitted that in view of exercise of option under VSV Act, the above two appeals and C.O. may be treated as withdrawn. On the other hand, the ld.DR has no objection, if the assesse has exercised the option to settle the issue under VSV Act as raised in the above appeals and C.O.
We have considered submissions of both the parties. Since the assesse has exercised its option to settle the issue under Vivad Se Vishwas Scheme, we do not find any necessity to keep the above appeals and C.O. pending before the Tribunal. Accordingly, all the appeals and C.O. stand dismissed as withdrawn. However, in the event, the assesse fails to availe the benefit of VSV scheme for any reasons, then assesse/Revenue will be at liberty to seek restoration of the original appeals for adjudication before the ITAT, in accordance with law.
In the result, all the appeals and C.O. are dismissed as withdrawn under Vivad Se Vishwas scheme. This Order pronounced in Open Court on 04/02/2021