DCIT, CIRCLE-25(1), NEW DELHI vs. THE STATE TRADING CORPORATION OF INDIA LTD., NEW DELHI

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ITA 7981/DEL/2019Status: DisposedITAT Delhi15 July 2022AY 2011-121 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the assessee opted for the VSV Scheme, and a coordinate bench had allowed withdrawal of the appeal. Consequently, the penalty levied under Section 271(1)(c) is liable to be deleted.

What were the facts?

The revenue filed an appeal against the CIT(A)'s order for AY 2011-12. The assessee had opted for the Vivad se Vishwas (VSV) Scheme.

What were the issues?

Whether the penalty under Section 271(1)(c) is liable to be deleted in light of the assessee opting for the Vivad se Vishwas Scheme.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘H’, NEW DELHI

Before: Dr. B. R. R. KumarShri Anubhav Sharma

Hearing: 13.07.2022Pronounced: 15.07.2022

ORDER

Per Dr. B. R. R. Kumar, Accountant Member:

1.

This appeal is filed by the revenue against the order of the ld. CIT(A)-9, New Delhi dated 16.07.2019 for the Assessment Year 2011-12.

2.

It has been brought to our notice that the Assessee has opted for VSV Scheme and order has been passed by the coordinate bench of the Tribunal in 3462 & 3463/Del/2017 dated 17.03.2021 allowing withdrawal of the appeal. 3. Keeping in view of the provisions of VSV Scheme the penalty levied u/s 271(1)(c) is liable to be deleted and the appeal of the revenue is being dismissed as infructuous. Order Pronounced in the Open Court on 15/07/2022. (Anubhav Sharma) Accountant Member Dated: 15/07/2022 *Ajay Kumar Keot, Sr. PS*

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