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

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ITA 1630/AHD/2018Status: DisposedITAT Ahmedabad21 January 2021AY 2014-152 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The tribunal dismissed the assessee's appeal as withdrawn. The assessee was granted liberty to seek restoration if they failed to avail the VSV Scheme for bonafide reasons.

What were the facts?

The assessee filed an appeal before the ITAT for assessment year 2014-15. During the hearing, the assessee's representative stated that the assessee wished to withdraw the appeal.

What were the issues?

The primary issue was the assessee's request to withdraw their appeal due to an ongoing application under the VSV Scheme.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, AHMEDABAD

Before: SHRI RAJPAL YADAV, VICE- & SHRI AMARJIT SINH

For Appellant: Shri Tushar, Shri Parimal Sinh Parmar, AR
Hearing: 21/01/2021Pronounced: 21/01/2021

आदेश/O R D E R

PER RAJPAL YADAV, VICE-PRESIDENT:

1.

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.

2.

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.

3.

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submissions made on behalf of the assessee by assessee’s representative, appeal of the assessee stands dismissed as withdrawn.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.

4.

In the result, the appeal of the assessee is dismissed as being withdrawn under VSV scheme.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.

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