TIME CAP PHARMA LABS LIMITED, HYDERABAD,HYDERABAD vs. ACIT, CIRCLE-2(2) (NOW ITO, WARD-2(4), HYDERABAD, HYDERABAD

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ITA 993/HYD/2017Status: DisposedITAT Hyderabad18 January 2021AY 2010-113 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 noted that the assessee intended to settle the case under the Vivad Se Vishwas scheme. Therefore, the appeal was dismissed with the liberty to seek revival if the settlement is rejected.

What were the facts?

The assessee filed an appeal before the ITAT. Subsequently, the assessee filed an application for settlement under the Direct Tax Vivad Se Vishwas Bill, 2020. The revenue had no objection to this submission.

What were the issues?

The primary issue was the pendency of the appeal before the Tribunal in light of the assessee's decision to opt for settlement under the Vivad Se Vishwas scheme.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” : HYDERABAD

Before: SMT. P. MADHAVI DEVI & SHRI LAXMI PRASAD SAHU

For Assessee : Shri P. Vinod For Revenue : Shri Sunil Kumar Pandey Date of Hearing : 11-01-2021 Date of Pronouncement : 18-01-2021 O R D E R PER LAXMI PRASAD SAHU, A.M. :

This appeal filed by the assessee is directed against the order of CIT(A) – 9, Hyderabad, dated 28/02/2017 relating to AY 2010-11.

2.

At the outset, ld. AR of the assessee drew our attention to the application dated 28.12.2020, which is placed on record, and submitted that the assessee has filed for settlement sought in the Form-I under the Direct Tax Vivad Se Vishwas Bill, 2020 before

:- 2 -: Time Cap Pharma Labs Ltd., Hyd. the prescribed authority(ies) therein. Ld. DR has no objection to the submission made by the ld. AR of the assessee in this regard.

3.

On perusal of the documents placed on record of the Tribunal, we find that the assessee has proposed to settle the case taking the benefit under the Direct Tax Vivad Se Vishwas Bill, 2020. We, therefore, are of the opinion that the instant appeal of the assessee deserves to be dismissed at this stage with a rider that it shall be very much open to the assessee/taxpayer to seek revival of the case before the Tribunal, if his settlement petition herein above is rejected for the technical reasons.

4.

In the result, the appeal of the assessee is dismissed in the above terms. Pronounced in the open court on 18th January, 2021.

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