KRISHNA BHIMA SAMRUDDIN LOACAL AREA BANK LIMITED, HYDERABAD,SECUNDERABAD vs. ACIT, CIRCLE-5(1), HYDERABAD, HYDERABAD

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ITA 822/HYD/2017Status: DisposedITAT Hyderabad01 February 2021AY 2012-132 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's request to withdraw the appeal. The assessee was granted liberty to approach the Tribunal to reinstate the appeal if the Vivad se Vishwas scheme application was rejected.

What were the facts?

The assessee filed an appeal for AY 2012-13. The assessee had also filed forms under the Direct Tax Vivad se Vishwas Act, 2020, and received Form 3. Therefore, the assessee wished to withdraw the appeal.

What were the issues?

The primary issue was the assessee's request to withdraw the appeal due to opting for the Vivad se Vishwas scheme.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench, Hyderabad

Before: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

Hearing: 21/01/2021Pronounced: 01/02/2021

ORDER Per Smt. P. Madhavi Devi, J.M This is assessee’s appeal for the A.Y 20112-13 against the order of the CIT (A)-10, Hyderabad, dated 08-11-2016.

2.

At the outset, the Ld. AR submitted before us that the assessee does not want to pursue the appeal as it has already filed forms I & II under the “Direct Tax Vivad Se Vishwas Act, 2020” scheme and it has also been issued Form 3 from the Pr.CIT, Hyderabad. Therefore, consequent to the same, the assessee desires to withdraw the appeal before the Tribunal. Hence it was AY 2012-13 Krishna Bhima Samruddhi Local Area Bank Ltd. pleaded, that the appeal of the assessee may be treated as withdrawn.

3.

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

4.

After hearing both the parties, according to the request of the assessee and its Ld. AR, we hereby allow the appeal of the assessee to be withdrawn. We also make it clear that the assessee shall be at liberty to approach the Tribunal within the stipulated time as provided under the Act, in order to reinstate the appeal, if the application with respect to Vivad se Vishwas scheme is rejected.

5.

In the result, appeal of assessee is dismissed as withdrawn. Order pronounced in the Open Court on 01st February, 2021.

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