K.V.FINLEASE PVT. LTD.,NEW DELHI vs. PR. CIT., NEW DELHI

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ITA 5579/DEL/2018Status: DisposedITAT Delhi30 May 2022AY 2008-092 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal permitted the assessee to withdraw the appeal after noting that the dispute had been settled under the Vivad Se Vishwas Scheme. The designated authority had issued Form 5, indicating settlement.

What were the facts?

The assessee filed an appeal against an order passed under section 263 of the Income-tax Act. The assessee sought to withdraw the appeal as they had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.

What were the issues?

Whether the appeal can be withdrawn by the assessee due to settlement under the Vivad Se Vishwas Act.

Which sections of the Income-tax Act were involved?

Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH: ‘C’ NEW DELHI

Before: SHRI SAKTIJIT DEY & SHRI PRADIP KUMAR KEDIA

For Respondent: Ms. Anupama Singla, Sr. DR
Hearing: 30.05.2022Pronounced: 30.05.2022

ORDER PER SAKTIJIT DEY, JM:

This is an appeal by the assessee against order dated 10.07.2018 of learned Principal Commissioner of Income Tax (PCIT)-5, Delhi, passed under section 263 of the Income-tax Act, 1961 (for short ‘the Act’) for the assessment year 2008-09.

2.

Learned Authorized Representative of the assessee, on instruction, sought permission to withdraw the present appeal as the assessee has opted to settle the dispute arising in the appeal under the Direct Tax Vivad Se Vishwas Act, 2020. In fact, letter dated 28.05.2022 of the assessee, enclosing declaration filed under Vivad Se Vishwas Scheme and Form 5 issued by the designated authority have been furnished before the Bench.

3.

Learned Departmental Representative has no objection to the withdrawal of the appeal by the assessee.

4.

Having considered the submissions of the parties, we find that accepting assessee’s declaration under the Direct Tax Vivad Se Vishwas Act, 2020, the designated authority has issued Form 5 on 27th December, 2021. Thus, for all practical purposes, the dispute arising in the appeal stands settled. That being the factual position emerging on record, we permit the assessee to withdraw the present appeal. Accordingly, appeal is dismissed as withdrawn.

5.

In the result, appeal is dismissed.

Order pronounced in the open court on 30th May, 2022

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