NILESHKUMAR KISHORCHANDRA MEHTA,MUMBAI vs. ITO -19(2)(4), MUMBAI

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ITA 969/MUM/2024Status: DisposedITAT Mumbai22 January 2025AY 2011-12Bench: JUSTICE (RETD.) C.V. BHADANG (President), SHRI B.R. BASKARAN (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The Income Tax Appellate Tribunal dismissed the appeal as withdrawn, accepting the assessee's application to withdraw due to their participation in the Vivad Se Vishwas Scheme. The Tribunal granted the assessee liberty to seek restoration of the appeal if necessary, contingent on the final outcome of their VsV Scheme application.

What were the facts?

The assessee appealed against a CIT(A) order that partially reduced a penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. Subsequently, the appellant filed an application to withdraw the appeal, citing their decision to opt for the Direct Tax Vivad Se Vishwas Scheme, 2024.

What were the issues?

Whether the penalty levied under Section 271(1)(c) was justified, and whether the appeal should be allowed to be withdrawn due to the assessee's opting for the Direct Tax Vivad Se Vishwas Scheme, 2024.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

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

Before: JUSTICE (RETD.) C.V. BHADANG & SHRI B.R. BASKARAN

For Respondent: Ms. Monika H. Pande
Hearing: 22/01/2025Pronounced: 22/01/2025

PER JUSTICE (RETD.) C.V. BHADANG, PRESIDENT :

1.

This appeal is filed by the assessee challenging the order dated 08.02.2024 passed by the learned Commissioner of Income Tax (Appeals), NFAC, Delhi (‘CIT(A)’ for short). By the impugned order, the learned CIT(A) has partly allowed the appeal filed by the assessee thereby reducing the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961 to Rs.3,49,497/-.

2.

Today, the appellant has filed an application seeking to withdraw the appeal on the ground that the appellant has opted for Direct Tax Vivad Se Vishwas Scheme, 2024 and accordingly, the application in Form no. 1 has been filed on 10.01.2025. The appellant has filed a letter to that effect dated 20.01.2025 alongwith a copy of the acknowledgement.

3.

In that view of the matter, the appeal is dismissed as withdrawn. The assessee shall have the liberty for restoration of 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 22.01.2025.

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