THE ASSISTANT COMMR. OF INCOME TAX, MORBI CIRCLE, RAJKOT-GUJARAT vs. M/S ITALICA FLOOR TILES LTD., MORBI

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ITA 271/RJT/2016Status: DisposedITAT Rajkot15 December 2020AY 2012-132 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal noted the assessee's submission that the dispute was settled under the VSV Scheme. Consequently, the Revenue's appeal was dismissed as withdrawn.

What were the facts?

The Revenue appealed against the deletion of an addition of Rs. 1,60,00,000 under Section 68 of the Income Tax Act. The assessee had applied for settlement under the Vivad se Vishwas (VSV) Scheme.

What were the issues?

Whether the Revenue's appeal should be dismissed due to the assessee opting for the Vivad se Vishwas Scheme for dispute resolution.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT

Before: SHRI RAJPAL YADAV, VICE- & SHRI AMARJIT SINGH

Hearing: 15/12/2020Pronounced: 15/12/2020

PER RAJPAL YADAV, VICE-PRESIDENT: Revenue is in appeal before the Tribunal against order of ld.CIT(A)-3 Rajkot dated 25.5.2016 passed for the Asstt.Year 2012-13 against deletion of addition of Rs.1,60,00,000/- under section 68 of the Income Tax Act, 1961.

1.

When the cases were called for hearing, the ld.counsel for the 2. assessee submitted at the Bar that though it is the appeal of the Revenue, but the assessee has already applied for settlement of disputed tax under Vivad se Vishwas (“VSV”) Scheme. Therefore, he prayed that this appeal be dismissed at this stage. The ld.DR, on the other hand was unable to controvert this contention of the ld.counsel for the assessee for want of complete details. Considering statement made by the ld.counsel

2 for the assessee in the Open Court, we are of the view that the assessee must have settled the dispute involved in this appeal under Vivad se Vishwas Scheme launched by the Government.

3.

In the light of the above submissions both the parties, appeal filed by the Revenue stands dismissed as withdrawn. However, in the event, the assessee fails to avail the benefit of VSV Scheme for any bonafide reasons, then the Revenue will be at liberty to seek restoration of original appeal for adjudication before ITAT in accordance with law.

4.

In the result, the appeal of the Revenue is stand withdrawn under VSV Scheme. Order pronounced in the Court on 15th December, 2020 at Ahmedabad.

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