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Facts
The assessee appealed against a CIT(A) order dated 11.08.2014, which confirmed the disallowance of ₹62,11,864/- in interest expenses under Section 24 of the Income Tax Act, 1961, for A.Y. 2008-09. Subsequently, the assessee opted for the Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV), and sought to withdraw the appeal.
Held
The Income Tax Appellate Tribunal dismissed the appeal as withdrawn, granting the assessee liberty to seek restoration of the appeal if needed, depending on the final outcome of the VsV Scheme application.
Key Issues
Whether the disallowance of interest expenses under Section 24 of the Income Tax Act, 1961, was justified, and the implication of the assessee opting for the Vivad Se Vishwas Scheme, 2024, leading to the withdrawal of the appeal.
Sections Cited
24
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Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI
Before: Justice (Retd.) C V Bhadang, Hon’ble & Shri B R Baskaran, Hon’ble
Per Justice (Retd.) C V Bhadang, President :
This is an appeal by the assessee challenging the order dated 11.08.2014, passed by the CIT(A). The learned CIT(A) has confirmed the order passed by the Assessing Officer, disallowing an amount of ₹62,11,864/- out of interest expenses claimed u/s. 24 of the Income Tax Act, 1961 (‘Act’ for short). The appeal pertains to assessment year 2008-09.
The appellant-assessee has filed an application dated 20.01.2025, informing that the appellant has opted for resolution of the dispute under the Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV). The learned counsel for the appellant has therefore sought for withdrawal of appeal.
We have heard parties. Under the circumstances, the appeal is dismissed as withdrawn with liberty to the appellant-assessee to seek restoration of its appeal, if necessary and if so advised, subject to the final outcome of the application under the VsV Scheme. Order pronounced in the open court on 23rd January, 2025.