What did the Tribunal hold?

The Tribunal acknowledged the assessee's decision to settle the issues under the Vivad se Vishwas Scheme. Consequently, the appeals were dismissed as withdrawn.

The assessee opted to settle the tax disputes for assessment years 2012-13 to 2014-15 under the Vivad se Vishwas Scheme. The assessee filed the necessary declarations and undertakings under the scheme.

What were the issues?

The primary issue was the assessee's intention to settle the pending appeals through the Vivad se Vishwas Scheme, rendering further adjudication by the Tribunal unnecessary.

Ace Derivatives & Commodity… vs DCIT | ITAT Ahmedabad 2021

Income Tax Appellate Tribunal, AHMEDABAD “D” BENCH

Before: SHRI RAJPAL YADAV & SHRI WASEEM AHMED

For Appellant: Shri Parin Shah, A.R

These four appeals – Assesse and Revenue are in cross appeal against the order of the ld.CIT(A)-1, Ahmedabad dated 24.1.2017 for the Asstt.Year 2012-13, and Revenue is in appeal for the Asstt.Years 2013-14 and 2014-15 against respective orders of the ld.CIT(A), dated 24.1.2017 and 4.12.2017 respectively. Since issues are inter-related, for the sake of convenience, we dispose of all these appeals by this common order.

At time of hearing, the ld.counsel for the assesse filed a letter dated 1.2.2021 stating therein that the assesse wants to settle the issues raised in the above appeals 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 It is therefore submitted that in view of exercise of option under VSV Act, the above four appeals may be treated as withdrawn. On the other hand, the ld.DR has 861, 862 & 543/Ahd/2015 3 . A.Ys. 2012-13 to 2014-15 no objection, if the assesse has exercised the option to settle the issue under VSV Act as raised in the above appeals.

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 pending before the Tribunal. Accordingly, all the appeals stand dismissed as withdrawn.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 restorastion of the original appeals for adjudication before the ITAT, in accordance with law.

In the result, all the appeals are dismissed as withdrawn under Vivad Se Vishwas scheme.

Order pronounced in Open Court on 04 - 02- 2021

ACE DERIVATIVES & COMMODITY EXCHANGE LTD.,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD

What did the Tribunal hold?

What were the facts?

What were the issues?

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