GOKUL GEMS AND JEWELS PRIVATE LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), HYDERABAD

These appeals filed by the assessee were taken up for hearing through Video Conference on 19/11/2020 and both the parties were heard.

The Ld.AR for the assessee has requested for withdrawal of the appeals filed by the assessee stating that the assessee has opted to settle the dispute relating to the tax arrears for the A.Ys. under consideration under “Vivad Se Vishwas Scheme, 2020”. He further submitted that an application to this effect has been filed by the assessee and that the assessee has also received Form- 3.

The Ld. DR has no objection to the same.

In view of the above, we accept the request of the assessee for withdrawal of the appeals as Pr.CIT (Central), Hyderabad has issued Form-3.

However, the aforesaid is subject to a caveat that in case the dispute relating to tax arrears for the captioned A.Ys. are not ultimately resolved in terms of the afore-stated Act, the appellant (i.e. the assessee) is at liberty to approach the Tribunal for reinstitution of the appeals and the Tribunal shall consider such application appropriate as per law. The Ld. DR for the revenue has no objection with regard to the aforesaid caveat.

In the result, the appeals of the assessee are dismissed as ‘withdrawn’. Order pronounced in the open court on19th November, 2020.