JAGDISH KISHIN RANEY,MUMBAI vs. INCOME TAX OFFICER (IT)-4(1)(1), MUMBAI
Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRY, JM & MS PADMAVATHY S, AM
Per Padmavathy S, AM:
This appeal by the assessee is against the order of the Commissioner of Income Tax (Appeals)-57 Mumbai [for short 'the CIT(A)] dated 07.03.2024 for the AY 2014-15. The assessee in this appeal is contending the addition of Rs.
10,00,000/- upheld by the CIT(A) as unexplained investment under section 69A of the Income Tax Act, 1961 (the Act).
2. The assessee is a non-resident individual and did not file the return of income for the AY 2014-15. The Assessing Officer (AO) based on NMS data noticed that the assessee has purchased immovable property for a consideration of Rs. 3,60,00,000/-. Since the assessee has not filed the return of income the AO issued a notice under section 148 reopening the assessment. In response the assessee neither filed the return of income nor filed any response. Accordingly, the AO completed the assessment under section 147 r.w.s. 144 of the Act in which he treated the entire amount of Rs. 3,60,00,000/- as unexplained investment under section 69A of the Act. Aggrieved assessee filed further appeal before the CIT(A).
Before the CIT(A), the assessee submitted additional evidences explaining the source and the fact that the property was purchased by the sister of the assessee who funded the entire cost. The CIT(A) after calling for the remand report from the AO gave partial relief to the assessee and sustained the addition to the extent of Rs. 10,00,000/-. The assessee filed further appeal before the Tribunal against the order of the CIT(A).
The assessee through the Authorized Representative (AR) has filed a letter dated 02.01.2025 stating that the assessee has filed Form-1 under Direct Taxes Vivad se Viswas Scheme, 2024 (DTVSV) on 13.12.2024 and has received Form-2 on 24.12.2024. The assessee accordingly has requested that the appeal may be treated as withdrawn.
We heard the parties and perused the material on record. After perusing the facts and letter submitted by the ld. AR, we hold that the assessee's appeal is dismissed as withdrawn for the reason that the assessee has preferred to settle the impugned issue by filing the necessary application under DTVSV. We further hold that the assessee is at liberty to file application for recalling this order in case the any reason.
In result, the appeal of assessee is dismissed.
Order pronounced in the open court on 04-02-2025. (NARENDER KUMAR CHOUDHRY) (PADMAVATHY S)
Judicial Member Accountant Member
*SK, Sr. PS
Copy of the Order forwarded to :
1. The Appellant
2. The Respondent
3. DR, ITAT, Mumbai
4. 5. Guard File
CIT
BY ORDER,
(Dy./Asstt.