M/S.JANAK COTTON CO,BARODA vs. INCOME TAX OFFICER, WARD-1(2), BHARUCH

Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER:

1. 1. These two appeals by the assessee are directed against the orders of ld.Commissioner of Income Tax (Appeals)-3, Vadodara hereinafter referred as “Ld. CIT(A)” dated 29.01.2016 and 02.02.2016 for the assessment year (AY) 1997-98. is against the penalty levied under section 271(1)(c) of the Income-tax Act, 1961.

2. Both the appeal came up hearing on 25th May 2021. The learned Authorised representative (AR) for the assessee submits that the assessee has availed the benefits of Vivad se Visvas Scheme -2020 (VSV-20) and has settled the dispute of tax for assessment year under consideration with department and M/s.Janak Cotton, Co., ITA’s No.925 & 926/AHD/2016 for A.Y.1997-98 has received Form-3 of VSV-20 and this appeal may be dismissed as withdrawn. The ld AR for the assessee also filed the copy of Form-3 of VSV- 20 bearing Acknowledgement No.340039850110421. The ld.AR for the assessee prayed for withdrawal of both the appeals.

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Departmental Representative (Sr.DR) submits that she has no objection if the appeal of the assessee is dismissed as withdrawn.

4. We have considered the submissions of ld. Representative of both the parties and have seen the contents of Form-3 of VSV -20. We find that the assessee settled all the dispute in quantum assessment for the year under consideration, therefore, as per the scheme of VSV-2020, the penalty levied under section 271(1)(c) of the Act also stand settled. Hence, the prayer of assessee for withdrawal of appeals are allowed. The assessing officer is directed to pass consequential order as per CBDT Circular No. 3/2021 dated 04.03.2021.

5. In the result, both appeals of the assessee are dismissed as settled. Order announced at the time of hearing of appeal on 25th May 2021 in the Virtual Court hearing.