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Income Tax Appellate Tribunal, DELHI
Before: SH. ANIL CHATURVEDI & SH. ANUBHAV SHARMA
This appeal has been preferred by the Revenue against the appellate order dated 25.02.2020 u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “The Act”) passed by Commissioner of Income Tax (Appeals)- 44, New Delhi.
Indian Strategic Petroleum Reserves Ltd. 2
Heard and perused the record. An application has been filed, for withdrawal of the appeal by the assessee, in furtherance of settlement arrived under The Direct Tax Vivad Se Vishwas Act, 2020 (The Act of 2020).
On behalf of the appellant, from Form 5 under the Act of 2020 has been placed on record.
The sub section (2) of section 4 of the Act of 2020 provides that on issuance of certificate under sub section (1) of section 5 by the designated authority the appeal pending before this tribunal shall be deemed to have been withdrawn from the date on which the said certificate is issued.
In the light of aforesaid, the appeal in hand stands dismissed.
However, subject to a caveat that in case the dispute relating to tax arrears for the captioned assessment year is not ultimately resolved in terms of The Act of 2020, the revenue shall be at liberty to approach the Tribunal for reinstitution of the appeal and the Tribunal shall consider such application, appropriately as per law.
Order pronounced in the open court on 2nd November, 2022.