M/S. J.P. EXTRUSIONTECH LTD.,BHARUCH vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCEL-2, BHARUCH

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ITA 421/SRT/2019Status: DisposedITAT Surat13 October 2021AY 2012-133 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the penalty appeal as withdrawn, noting that the assessee had settled the quantum assessment under the Vivad se Visvas Scheme. Both parties were granted liberty to seek restoration if the VSV settlement was not finalized.

What were the facts?

The assessee had settled the dispute in the quantum assessment for the relevant assessment year by availing the Vivad se Visvas Scheme. The quantum appeal was already disposed of.

What were the issues?

Whether a penalty appeal under Section 271(1)(c) survives after the quantum assessment dispute has been settled under the Vivad se Visvas Scheme.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Heard together (2 matters)

ITA No.849/SRT/2017
ITA No.421/SRT/2019

Read from the judgment's own cause title. This page is filed under one of them.

Assessee by Shri Mehul K. Patel – AR Revenue by Ms. Anupama Singla – Sr. DR Date of hearing 13.10.2021 Date of pronouncement 13.10.2021 Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER:

1.

1.

This appeal by assessee is directed against the order of ld. Commissioner of Income Tax(Appeals-3), Vadodara dated 2012-13 under section 271(1)(c) of the I.T.Act, 1961 for Assessment Year (AY) 2013-14. This appeal came up hearing on 13th October, 2021, the learned Counsel for the assessee submits that the assessee has already settled dispute with department in quantum assessment for the assessment year under consideration by availing the benefits of Vivad se Visvas Scheme -2020 (VSV-20) and have the received FORM-5 from Designated Authority vide Certificate No.808785600121220 dated 12.12.2020. The learned counsel for the assessee further submits that the quantum appeal in has already been disposed of by the Hon’ble Tribunal vide order dated 18.02.2021. It was submitted that A.Y. 2012-13 M/s.J.P.Extrusion Tech Ltd., Bharuch once the assessee has settled dispute in quantum assessment the penalty order under section 271(1)(c) would not survive, hence, he may be allowed to withdraw this penalty appeal.

2. On the other hand the learned Senior Departmental Representative (Sr. DR) submits that he has no objection, if the appeal of the assessee is dismissed as withdrawn.

3. We have considered the submissions of both the parties and considering the facts that the assessee has already FORM-5 under VSV-20 vide acknowledgement No.808785600121220 dated 12.12.2020 from Designated Authority. The appeal of the assessee in quantum assessment has already dismissed as withdrawn as mentioned above. Hence, the present appeal of the assessee is also 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.

4. In the result, the appeal of the assessee is dismissed as withdrawn. Order announced on 13th October, 2021 at the time of hearing in virtual court hearing.

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