AMBIT CAPITAL PRIVATE LIMITED,MUMBAI vs. NFAC, DELHI/ACIT, CIRCLE-4(1)(1), MUMBAI

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ITA 4440/MUM/2023Status: DisposedITAT Mumbai31 January 2025AY 2017-18Bench: SMT. BEENA PILLAI (Judicial Member), SHRI OMKARESHWAR CHIDARA ( (Accountant Member)3 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal allowed the withdrawal of the appeals as the disputed tax was settled under the VSV Scheme. Liberty was granted to the assessee to seek recall of the order if circumstances warranted.

What were the facts?

The assessee filed appeals against orders for assessment years 2017-18 and 2018-19. The assessee had opted for the Vivad Se Vishwas Scheme, filed a declaration, and paid the determined tax. Subsequently, the assessee sought withdrawal of the present appeals.

What were the issues?

Whether the appeals can be withdrawn on the ground that the disputed tax has been settled under the Vivad Se Vishwas Scheme.

Which sections of the Income-tax Act were involved?

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: SMT. BEENA PILLAI & SHRI OMKARESHWAR CHIDARA

For Appellant: Shri Yogesh Kadam
For Respondent: Shri Ram Krishn Kedia, Sr. D.R
Hearing: 23/01/2025Pronounced: 31/01/2025

Heard together (2 matters)

I.T.A. No.4440/Mum/2023
I.T.A. No.4441/Mum/2023

Read from the judgment's own cause title. This page is filed under one of them.

2.

At the outset the Ld.AR filed submissions dated 21/01/2025 submitting that, the assessee opted for Vivad Se Vishwas Scheme 2024(hereinafter referred to as VSV Scheme). It is submitted that assessee filed declaration pursuant to which the appropriate authority vide order dated 16/01/2025 determined the amount of tax payable as per Form 2. The Ld.AR also filled challan of the receipt of the payment made by the assessee as per Form 2 issued for both years under consideration.

2.1. The Ld. AR thus submitted that assessee therefore has sought withdrawal of present appeals as the disputed tax has been settled under the VSV Scheme.

3.

Based on the above declaration and submission by the assessee, the appeals filed for the years under consideration are allowed to be withdrawn. However liberty is granted to the to seek recall of this order assessee for recall of this order in accordance with the law if the circumstance so warrant.

In the result the appeals filed by the assessee are dismissed as withdrawn.

Order pronounced in the open court on 31/01/2025

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