SUNIL DARA,NEW DELHI vs. ITO WARD-19(4), NEW DELHI

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ITA 8587/DEL/2019Status: DisposedITAT Delhi16 June 2022AY 2013-142 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 noted that the quantum appeal was dismissed due to the VSVS settlement, and under the scheme, there is a complete waiver of penalty. Therefore, the appeal was permitted to be withdrawn.

What were the facts?

The assessee appealed against a penalty levied under Section 271(1)(c) of the Income Tax Act. The assessee had opted for the Voluntary Settlement Scheme (VSVS) and settled the dispute by paying the taxes.

What were the issues?

Whether the penalty under Section 271(1)(c) stands waived when the assessee settles the quantum additions/disallowances under a settlement scheme like VSVS.

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 “G” NEW DELHI

Before: SHRI CHALLA NAGENDRA PRASAD & SHRI PRADIP KUMAR KEDIA

Hearing: 16.06.2022

आदेश /O R D E R PER C.N. PRASAD, J.M.

This appeal by assessee has been directed against the order of Ld.

1.

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.

2.

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 Therefore, it is requested that the appeal be permitted to be withdrawn.

3.

In view of the above submissions appeal of assessee is dismissed as withdrawn.

Order pronounced in the open court on 16/06/2022

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