MANU STOCK BROKING PRIVATE LIMITED,KOLKATA vs. ACIT, CENTRAL CIRCLE 1(4), MUMBAI

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ITA 3082/MUM/2023Status: DisposedITAT Mumbai29 January 2025AY 2015-16Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)2 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Income Tax Appellate Tribunal dismissed the appeal as withdrawn, granting liberty to the assessee. If the VSVS application does not materialize or is not accepted, the assessee may file an application for the restoration of the appeal.

What were the facts?

The assessee filed an appeal against an order passed by the CIT(A) for an assessment under Section 143(3) read with Section 147 for AY 2015-16. The assessee subsequently opted for settlement of its tax dispute under the 'Vivad Se Vishwas Scheme-2024' and filed an application with the authorities.

What were the issues?

Whether the appeal should be dismissed as withdrawn given the assessee's election to proceed under the 'Vivad Se Vishwas Scheme-2024'.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘D’ BENCH

Before: SHRI AMIT SHUKLA & SHRI GIRISH AGRAWAL

For Appellant: Shri Anand Kanse
For Respondent: Shri R.R. Makwana
Hearing: 20/01/2025Pronounced: 29/01/2025

आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order passed by CIT(A)-47, Mumbai dated 20/07/2023 for the quantum of assessment passed u/s.143(3) r.w.s. 147 for the A.Y.2015-16.

M/s. Manu Stock Broking Pvt. Ltd.

2.

In the aforesaid appeal the ld. Counsel for the assessee has submitted that assessee has opted for settlement of its tax dispute under the ‘Vivad Se Vishwas Scheme-2024’ and has also filed application before the authorities. Accordingly, appeal of the assessee is dismissed as withdrawn, however, liberty is given to the assessee in case the application for VSVS does not materialize and is not accepted, assessee may file an application for restoration of the appeal. Accordingly, appeal of the assessee is dismissed in limine.

3.

In the result, appeal of the assessee is dismissed.

Order pronounced on 29th January,2025.

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