LSI INDIA RESEARCH & DEVELOPMENT PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(1), BANGALORE

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ITTPA 925/BANG/2022Status: DisposedITAT Bangalore01 April 2025AY 2018-192 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 considered the submission of the assessee's counsel regarding the opting for the Vivad se Vishwas Scheme, 2024, and the issuance of Form 2. The learned DR did not raise any objection to the assessee's request. Consequently, the Tribunal dismissed the present appeal as withdrawn. The assessee was granted liberty to revive its appeal in case the issue was not resolved under the VSV Scheme, specifically if Form-4 was not issued by the department. The Tribunal's decision was based on the procedural aspect of the assessee availing a settlement scheme and the lack of opposition from the revenue.

What were the facts?

The assessee, M/s. LSI India Research and Development India Pvt. Ltd., filed an appeal before the Income Tax Appellate Tribunal (ITAT), Bangalore, challenging the order of the Assessing Officer (AO) dated 27.07.2022 for the Assessment Year 2018-19. At the hearing, the assessee's counsel informed the Tribunal that the assessee had opted for the Vivad se Vishwas (VSV) Scheme, 2024, and had received Form 2 from the designated authority on 23.01.2025. The assessee therefore requested to withdraw the current appeal with the liberty to revive it if the department failed to issue Form-4.

What were the issues?

1. Whether the assessee is entitled to withdraw the appeal filed before the Tribunal, given its opting for the Vivad se Vishwas Scheme, 2024? Assessee's Contention: The assessee argued that having opted for the VSV Scheme, 2024, and having received Form 2, it should be permitted to withdraw the present appeal. The assessee further sought liberty to revive the appeal if the department did not issue Form-4 under the scheme, implying a potential unresolved issue. Revenue's Contention: The learned Departmental Representative (DR) did not object to the assessee's prayer for withdrawal.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH: BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI PRAKASH CHAND YADAV

For Appellant: Smt. Manasa Ananthan, Advocate
For Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Hearing: 01.04.2025Pronounced: 01.04.2025

Per Prakash Chand Yadav, Judicial Member: Present appeal by the assessee is arising from the Order of AO dated 27.07.2022 and relates to Assessment Year 2018-19. 2. At the outset, the learned Counsel for the assessee pointed out that the assessee had opted for VSV Scheme, 2024, and Form 2 has also been issued by the designated authority on 23.01.2025. Therefore, assessee wishes to withdraw the present appeal with a liberty to revive its appeal in case department could not issue Form-4. 3. Learned DR could not object to the prayer of the assessee.

IT(TP)A No.925/Bang/2022 Page 2 of 2

4.

In view of the above, the present appeal is hereby dismissed as withdrawn with a liberty to come in appeal in case the issue is not resolved under VSV Scheme. 5. In the result, appeal filed by the assessee is dismissed as withdrawn. Pronounced in the open court on the date mentioned on the caption page.

Sd/- Sd/- (PRASHANT MAHARISHI) (PRAKASH CHAND YADAV) Vice President Judicial Member

Bangalore. Dated: 01.04.2025. /NS/* Copy to: 1. Appellants 2. Respondent 3. DRP 4. CIT 5. CIT(A) 6. DR,ITAT, Bangalore. 7. Guard file By order

Assistant Registrar, ITAT, Bangalore.

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