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

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 It is therefore submitted that in view of exercise of option under VSV Act, the above four appeals may be treated as withdrawn.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 Accordingly, all the appeals stand dismissed as withdrawn.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In the result, all the appeals are dismissed as withdrawn under Vivad Se Vishwas scheme.