ACIT, CIRCLE 3(3), SURAT vs VARACHHA CO.OP BANK LTD, SURAT

IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER (Hearing in Virtual Court) The ACIT, Circle-3(3), The Varachha Co-op bank, PAN: AABAT 4356 N Assessee / appellant Revenue /respondent

Assessee by Sh Kiran K Shah AR. Revenue by Ms Anupma Singla – Sr.DR Date of hearing 25.11.2021 Date of pronouncement 25.11.2021 Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER:

This appeal by Revenue is directed against the order of ld. Commissioner of Income Tax (Appeals)-3, Surat dated 13.09.2019, which in turn arise against the penalty levied under section 271(1)(c) dated 02.02.2017 for Assessment Year (AY) 2014-15. This appeal came up hearing today, the ld AR for the assessee submits that he has filed an application dated 24th November 2021 inter alia stating that in the quantum assessment the assessee has availed the benefits of Vivad se Visvas Scheme -2020 (VSV-20) and received Form-3 of VSV-20 from Designated Authority vide Certificate No. 204854710130121 dated 13.01.2021. The ld AR for the assessee further submits that the reference of quantum appeal pending before Tribunal in ITA No. 392/SRT/2019 is mentioned in Form-3. The ld AR for the assessee submits

Varachha Co-op bank (AY 2014-15) that once the quantum assessment is settled by the assessee, the penalty under section 271(1)(c) stand settled as per the VSV-20. The ld. AR for the assessee requested for dismissed of appeal.

The learned Senior Departmental Representative (Sr. DR) for the revenue submits that he has no objection, if the appeal of the assessee is dismissed as withdrawn as the assessee has already settled dispute with the department.

We have considered the submissions of both the parties and considering the facts that the assessee has already FORM-3 under VSV-20 vide acknowledgement No. 204854710130121 dated 13.01.2021 from Designated Authority, in quantum appeal, therefore the present appeal is also settled automatically, hence, the appeal of the assesse is dismissed as withdrawn. However, the assessee as well as to the revenue is given liberty that in case, if the applications preferred by the assessee under VSV-20 does not get finally settled for any reason whatsoever, then both the parties are at liberty to prefer Miscellaneous Application before this Tribunal for restoration of this appeal or any further direction and in such event, the appeals shall get restored. The A.O. directed to pass the consequential order.

In the result, the appeal of the Revenue is dismissed. Order announced on 25th November, 2021 at the time of hearing in virtual court hearing. (Dr ARJUN LAL SAINI) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER Surat, Dated: 25/11/2021/ Self 2

Varachha Co-op bank (AY 2014-15) Copy to:

Appellant

Respondent

CIT(A)

CIT

Guard File By order ///// / Sr.Pvt. Secretary, ITAT, Surat

ACIT, CIRCLE 3(3), SURAT vs. VARACHHA CO.OP BANK LTD, SURAT