KSB LTD. (EARLIER KNOWN AS "KSB PUMPS LTD."),PUNE vs. THE DY CIT, NATIONAL FACELESS ASSESSMENT CENTRE (NAFAC) DELHI, MUMBAI

ITA 1210/MUM/2021Status: DisposedITAT Mumbai29 July 2022AY 2016-175 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the dispute was settled under the Vivad Se Vishwas Scheme. Therefore, the assessment order passed subsequently became infructuous. The appeal was allowed for statistical purposes, and the matter was remitted back to the AO.

What were the facts?

The assessee company opted for the Vivad Se Vishwas Scheme, 2020, and paid the disputed taxes. Despite this, the Assessing Officer passed a final assessment order. The assessee argued that this order became infructuous due to the settlement under the scheme.

What were the issues?

Whether a final assessment order passed after the assessee opted for and paid taxes under the Vivad Se Vishwas Scheme is valid. The maintainability of the appeal when the dispute is settled under the scheme.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 144B,Section 92CA(3),Section 253(1)(d),Section 154,Section 271(1)(c),Section 274

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “K”, MUMBAI

Before: SHRI BASKARAN BR & SHRI KULDIP SINGH

For Appellant: Shri Nikhil Tiwari, A.R
For Respondent: Shri Sambit Mishra, D.R

Per : Kuldip Singh, Judicial Member: Appellant, M/s. KSB Ltd., Pune (hereinafter referred to as ‘the assessee company’) by filing the present appeal sought to set aside the impugned order dated 16.03.2021 passed by the Assessing Officer (AO) in consonance with the orders passed by the Transfer Pricing Officer (TPO)/Commissioner of Income Tax (Appeals)[CIT (A)] under section 92CA(3) of the Income-tax Act, 1961 (for short ‘the Act’) qua the assessment year 2016-17 on the grounds inter alia that :- 2 M/s. KSB Ltd.

“Based on the facts and circumstances of the case, KSB Limited (earlier known as 'KSB Pumps Limited') (hereinaf

The order continues below.

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