JALVAYU TOWER APARTMENT OWNERS ASSOCIATION,GURGAON vs. ITO WARD - 2(2), GURGAON

The sum and substance of the grievance of the assessee is that the CIT(A) erred in confirming the levy of penalty u/s. 271 (1) (c) of the act.

At the very outset the Counsel for the assessee drew our attention to the order of this Tribunal in ITA No.5885/Del/2016 dated 29.01.2021 pertaining to A.Y. 2013-14 and pointed out that the assessee has opted to settle the dispute relating to the tax arrears under the VSV Scheme 2020 and accordingly withdrew the appeal filed against the quantum additions which prompted the AO to levy penalty u/s. 271 (1) (c) of the Act.

We have carefully perused the order of the authorities below and have also considered the decision of the coordinate Bench dismissing the appeal as withdrawn.

On the given facts we set aside the issue to the files of the AO. The AO is directed to verify whether the quantum in relation to the additions made in A.Y.2013-14 has been settled under the VSV Act 2020 and if so then give the benefit to the assessee in respect of the penalty as per the relevant provisions of the VSV Act 2020. With these directions the appeal is restored back to the files of the AO and allowed for statistical purpose.

Decision announced in the open court on 08.12.2022 (ANUBHAV SHARMA) ACCOUNTANT MEMBER *NEHA, Sr. Private Secretary* Date:- .12.2022