RELIGARE SECURITIES LTD. (NOW MERGED WITH RELIGARE ENTERPRISES LTD.),NEW DELHI vs. JCIT, OSD, CIRCLE- 21(1), NEW DELHI

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ITA 4436/DEL/2018Status: DisposedITAT Delhi07 October 2021AY 2014-152 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 allowed the assessee to withdraw the appeal as the dispute was settled under the Vivad Se Vishwas Scheme. However, the assessee can seek reinstitution of the appeal if the settlement is not finalized.

What were the facts?

The assessee filed an appeal against the order of the CIT(A) for assessment year 2014-15. The assessee subsequently opted to settle the tax arrears under the 'Vivad Se Vishwas Scheme, 2020'.

What were the issues?

The primary issue was the assessee's request to withdraw the appeal due to settlement under the Vivad Se Vishwas Scheme.

AI-generated summary — verify with the full judgment below

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

Before: SHRI KUL BHARAT & SHRI O.P. KANT

For Appellant: Ms. Somya Jain, CA
Hearing: 07.10.2021Pronounced: 07.10.2021

Date of hearing 07.10.2021 Date of pronouncement 07.10.2021 ORDER PER O.P. KANT, AM:

This appeal by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-7, New Delhi, dated 02.04.2018 passed for assessment year 2014-15. 2. We have heard learned Representatives of both the parties through Video Conferencing. 3. The learned counsel for the assessee, vide his letter dated 5th October, 2021, has requested for withdrawal of the appeal as the assessee has opted to settle the dispute relating to the tax arrears for the assessment year under consideration, under the “Vivad Se Vishwas Scheme, 2020”. The Form No.3 has been received by the assessee, which is placed on record. The learned counsel, therefore, seeks permission to withdraw the appeal.

2.

In view of the aforesaid, the appeal of the assessee is dismissed as withdrawn subject to a caveat that in case the dispute relating to tax arrears for the assessment year under consideration is not ultimately resolved in terms of the aforestated Scheme, the appellant shall be at liberty to approach the Tribunal for reinstitution of the appeal and the Tribunal shall consider such application appropriately as per law. Order pronounced in the open court.

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