YOGESHKUMAR JAYANTILAL SHAH,BORIVALI WEST vs. JURISDICTIONAL ASSESSING OFFICER- INCOME TAX OFFICER , MUMBAI

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ITA 2799/MUM/2024Status: DisposedITAT Mumbai10 February 2025AY 2016-17Bench: MS. KAVITHA RAJAGOPAL (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)6 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal noted that the assessee had filed Form 1 under the Vivad Se Vishwas Scheme-2024 to settle the dispute. No objection was raised by the Revenue.

What were the facts?

The assessee filed their return of income reporting a total income. During assessment, depreciation claimed on property was disallowed, which was confirmed by the CIT(A). The assessee filed an appeal before the Tribunal.

What were the issues?

Whether the appeal should be dismissed as withdrawn due to the assessee opting for the Vivad Se Vishwas Scheme.

Which sections of the Income-tax Act were involved?

Section 32,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H(SMC

Before: MS. KAVITHA RAJAGOPAL & SHRI GIRISH AGRAWAL

Hearing: 06.02.2025Pronounced: 10.02.2025

O R D E R

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

1.

This appeal filed by the assessee is against the order of Ld. CIT(A), Commissioner of Income Tax, Appeal, ADDL/JCIT(A)-1, Kolkata, vide order no. ITBA/APL/S/250/2023- 24/1063040088(1) dated 20.03.2024 passed against the assessment order by Income Tax Officer, Ward 32(3)(2), Mumbai, u/s. 143(3) of the Income-tax Act (hereinafter referred to as the “Act”), dated 23.11.2018 for Assessment Year 2016-17.

2.

Grounds taken by the assessee in the appeal are reproduced as under:

“1. The Hon'ble CIT(A) erred in law and acts in confirming the addition of depreciation claimed under section 32 of the Income Tax Act, 1961 amounting to Rs. 11,32,525/- without appreciating the fact of the case that though the Appellant was in possession of the asset since assessment year 2013-14 but it was put to use in the year under consideration and for used for business purposes. Therefore, the asset was capitalized in that year and depreciation under section 32 of the Act was claimed 2. The Appellant craves leave to add, amend, alter and / or delete any of the grounds of appeal before or during the course of appeal.

3. The Appellant reserves to submit any documents or evidences that may be required to substantiate its claims”

3.

Brief facts of the case are that assessee filed return of income on 07.10.2016 reporting total income at Rs. 5,23,850/-. In the assessment completed u/s. 143(3), depreciation claimed by the assessee on property amounting to Rs. 11,32,525/- was disallowed for which assessee went in appeal before the Ld. CIT(A) who confirmed the said disallowance. Aggrieved, assessee is in appeal before the Tribunal.

4.

Before us, though none represented the assessee in the course of hearing, a paper book is placed on record containing 53 pages filed by the assessee. In this paper book, assessee has furnished Form 1 for availing the benefits under ‘Vivad Se Vishwas Scheme-2024’ filed on 14.10.2024 under E-filing acknowledge no. 601866690141024 to settle the dispute under the present appeal. Considering this document on record, we find it appropriate to dismiss the present appeal as withdrawn pursuant to the option Yogeshkumar Jayantilal Shah, AY 2016-17 availed by the assessee for resolving dispute in this appeal under VSV, 2024. We take note of no objection from Ld. SR. DR for dismissing this appeal as withdrawn in the light of assessee availing the option under VSV 2024. Accordingly, appeal of the assessee is dismissed with a liberty to restore/revive the same in case application made in Form 1 under VSV 2024 does not materialise or is not accepted by the Department.

5.

In the result, appeal of the assessee is dismissed as withdrawn.

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