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Income Tax Appellate Tribunal, DELHI BENCH “G” NEW DELHI
Before: SHRI CHALLA NAGENDRA PRASAD & SHRI PRADIP KUMAR KEDIA
आदेश /O R D E R PER C.N. PRASAD, J.M.
This appeal by assessee has been directed against the order of Ld.
CIT(Appeals)-22, New Delhi dated 28.08.2019 for AY 2013-14 in sustaining the penalty levied u/s 271(1)(c) of the Act.
Ld. Counsel for Assessee at the outset submits that the assessee opted under VSVS and settled the dispute by paying the taxes vide Form No.5 dated 24.02.2021. Ld. Counsel submits that the quantum appeal in has been dismissed by the Tribunal by order dated 11.01.2021 as the Assessee opted under VSVS. It is submitted that under I.T.A.No.8587/Del/2019 the said scheme if quantum appeal is settled there is complete waiver of penalty levied on the quantum additions/disallowance made in the assessment proceedings. Therefore, it is requested that the appeal be permitted to be withdrawn.
In view of the above submissions appeal of assessee is dismissed as withdrawn.
Order pronounced in the open court on 16/06/2022