DEV DIAMONDS ,MUMBAI vs. ITO DELHI, MUMBAI
Before: SHRI RAHUL CHAUDHARY & SHRI GIRISH AGRAWAL
PER BENCH: These two appeals filed by the assessee are against the orders of Ld. CIT(A), National Faceless Appeal Centre (NFAC), vide order nos. ITBA/NFAC/S/250/2024-25/1070434820(1) and ITBA/NFAC/S/250/2024-25/1070434941(1) dated 18.11.2024 passed against the penalty orders by Income Tax Officer, NFAC, Dev Diamonds., AYs 2011-12 & 2014-15
Delhi, u/s. 271(1)(c) of the Income-tax Act (hereinafter referred to as the “Act”), dated 16.02.2022 and 01.03.2022 for Assessment
Years 2011-12 and 2014-15 respectively.
Grounds taken by the assessee in both the appeals are reproduced as under:
1) That Ld. CIT (A) has erred in confirming the penalty Us.
271(1)(c) of the Income Tax Act 1961 (Act) on income tax evaded on the concealed profit.
Brief facts of the case are that a penalty u/s. 271(1)(c) of the Act is levied on the assessee vide order dated 16.02.2022. Aggrieved, assessee filed an appeal before the ld. CIT(A) on 03.03.2022 against the aforesaid penalty order, who confirmed the same. Aggrieved, assessee is in appeal before the Tribunal.
Assessee has placed on record a written submission dated 24.01.2025, wherein it has opted to resolve the dispute in these appeals under ‘Vivad Se Vishwas Scheme-2024’ (VSV, 2024 scheme).
Ld. DR also does not have any objection if the assessee is availing the VSVS scheme and the appeals are dismissed as withdrawn. Considering the facts on record, we find it appropriate to dismiss the appeals as withdrawn, pursuant to the option availed by assessee for resolving the dispute in these appeals under VSV, 2024. Accordingly, appeals of the assessee are dismissed with a liberty to restore / revive the appeals, in Dev Diamonds., AYs 2011-12 & 2014-15
case the application for ‘Vivad Se Vishwas Scheme-2024’ do not materialize or is not accepted by the department.
In the result, appeals of the assessee are dismissed as withdrawn.
Order is pronounced in the open court on 07 February, 2025 (Rahul Chaudhary)
Accountant Member
Dated: 07 February, 2025
MP, Sr.P.S.
Copy to :
1. The Assessee
2. The Respondent
3. DR, ITAT, Mumbai
4. 5. Guard File
CIT
BY ORDER,
(Dy./Asstt.