LAMBDA THERAPEUTIC RESEARCH LTD.,,AHMEDABAD vs. ACIT CIRCLE-2(1) (2),, AHMEDABAD

The above appeals filed by the assessee arises from order of the Commissioner of Income Tax (Appeals) ‘CIT(A)’-2, Ahmedabad dated 20.6.2018 for assessment year 2014-15.

When the matter was called for hearing, it is pointed out to the Bench by the assessee’s representative that the assessee does not want to pursue the above appeal owing to the fact that an application for exercising of option for availing VSV Scheme is under process and therefore seek withdrawal of his appeal.

In the light of the above submissions made on behalf of the assessee by assessee’s representative, appeal of the assessee stands dismissed as withdrawn. However, in the event, the assessee fails to avail the benefit of VSV Scheme for any bonafide 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In the result, the appeal of the assessee is dismissed as being withdrawn under VSV scheme. Order pronounced in the Court on 21ST January, 2021 at Ahmedabad.