SGD PHARMA INDIA LIMITED (FORMERLY KNOWN AS COGNET GLASS LIMITED),MAHABUBNAGAR vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2), HYDERABAD

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ITA 1771/HYD/2018Status: DisposedITAT Hyderabad05 February 2021AY 2014-153 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 allowed the assessee to withdraw its appeal as the assessee had opted for the 'Vivad Se Viswas' scheme. The assessee was granted liberty to seek reinstatement if the scheme was not accepted by the Revenue.

What were the facts?

The assessee filed an appeal against the order of the CIT(A). The assessee subsequently opted to avail the 'Vivad Se Viswas' scheme and requested to withdraw the appeal.

What were the issues?

Whether the assessee can withdraw its appeal to avail the Vivad Se Viswas scheme.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 250(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, HYDERABAD BENCH “B”, HYDERABAD

Before: SMT. P. MADHAVI DEVI & SHRI A. MOHAN ALANKAMONY

For Appellant: Shri Laxminivas Sharma
For Respondent: Shri Rohit Mujumdar, DR
Hearing: 04/02/2021Pronounced: 05/02/2021

This appeal is filed by the assessee against the order of the Ld. CIT(A)-1, Hyderabad in appeal No. 0349/CIT(A)-1/Hyd/2016-17/2018- 19, dated 20/06/2018 passed U/s. 143(3) r.w.s. 250(6) of the Act for the A.Y. 2014-15.

2.

At the outset, Ld.AR submitted before us that the assessee desires to withdraw its appeal as the assessee has opted to avail ‘Vivad Se Viswas’ scheme. He further submitted that the assessee had filed Form No.1 & 2 and is awaiting to receive Form-3 from the Revenue. It was therefore pleaded, that the appeal of the assessee may be allowed to be withdrawn.

3.

The Ld. DR conceded to the request of the Ld.AR.

4.

Having heard both the parties through video conference, We are inclined to allow the appeal of the assessee to be withdrawn yielding to the prayer of the Ld. AR as the assessee has preferred to avail the Vivad- se-Vishwas Scheme by filing Form No.1 & 2 and is awaiting to receive Form-3 from the Revenue. The Ld. DR has also conceded to the request of the Ld. AR. Accordingly, We hereby dismiss the appeal of the assessee as withdrawn. However, we also make it clear that, if the assessee’s case is not accepted in the Vivad-Se-Vishwas scheme by the Revenue for whatsoever may be the reason, then the assessee shall be at liberty to file a Miscellaneous Petition before the Tribunal within the time limit prescribed under the Act to reinstate the appeal. It is ordered accordingly.

Pronounced in the open Court on the fifth day of February, 2021.

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