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Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER:
1. 1. This appeal by assessee is directed against the orders of ld. Commissioner of Income tax (Appeals)-2, Surat , dated 01.09.2017, which in turn arise from the penalty levied under section 271(1)(c) dated 30.03.2016 for assessment year (AY) 2004-05. .
2. The appeal came up hearing on 10th May 2021. The learned Authorised representative (AR) for the assessee stated at bar that the assessee has availed the benefits of Vivad se Visvas Scheme -2020 (VSV-20) and has settled the dispute with the department and this appeal may be dismissed as withdrawn.
Venkteswara Tax O Fab Pvt Ltd., (AY 2004-05) 3. On the other hand the learned Senior Departmental Representative (Sr DR) has no objection if the assessee has settled the dispute with the department and the appeal of the assessee is dismissed as withdrawn.
We have considered the submissions of ld. Representative of the parties. Considering the statement of Sh. Ashwin Parekh CA /( ld.AR) of the assessee that the assessee has settled the dispute with the department under VSV-20, the appeal of the assessee is dismissed as withdrawn with liberty to the assessee as well as to the revenue that in case, if the application preferred by the assessee under VSV-20 does not get finally settled for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 and in such event, the appeals shall get restored.
The Hon’ble Madras High Court in the case of M/s Nannusamy Mohan (HUF) vs. ACIT (TCA No. 372 of 2020 dated 16.10.2020, also held that ultimate decision to be taken on the declaration to be filed by the assessee under Section 4 of the said Act, is not in favour of the assessee, the assessee is given liberty to restore its appeal in the event if such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay in restoration of the appeal and on such request made by the assessee by filing a Miscellaneous Petition for Restoration (Para-7).