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Facts
The Assessing Officer made a significant addition under Section 69 for unexplained investments. The CIT(A) partly allowed the assessee's appeal, restricting the addition. Both the assessee and Revenue challenged this order.
Held
The tribunal noted that the assessee had opted for settlement under the Vivad Se Vishwas Scheme, and Form No.4 was issued. Consequently, the assessee's appeal was dismissed as withdrawn, and the Revenue's cross-appeal also stood dismissed.
Key Issues
Whether the appeals should be dismissed as withdrawn due to settlement under the Vivad Se Vishwas Scheme.
Sections Cited
69
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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 : These appeals one each by the assessee and the Revenue challenge the order dated 15.07.2010 passed by the CIT(A)-I, Thane pertaining to assessment year 2007-08.
In this case the Assessing Officer had made a total addition of ₹4,81,88,986 u/s. 69 of the Income Tax Act, 1961 (‘Act’ for short), as unexplained investments & 7331/Mum/2010 Monarch Catalyst P. Ltd.
in stock. The learned CIT(A) has partly allowed the appeal filed by the assessee restricting the addition to ₹ 85,22,148/-. The assessee has challenged the same in its appeal and the Revenue seeks restoration of the order passed by the Assessing Officer.
The appellant-assessee has filed an application dated 17.01.2025 seeking to withdraw the appeal on the ground of resolution of the dispute under the Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV). It is submitted by the learned counsel for the appellant-assessee that Form No.4 has been issued in pursuance of the application made by the assessee. It is submitted that the appellant-assessee reserves liberty for restoration of the appeal, if found necessary, subject to the final outcome of the application under the VsV.
We have heard parties. Considering the fact that the assessee has opted for settlement of dispute under the VsV Scheme in which Form No.4 has already been issued, the appeal filed by the appellant-assessee is dismissed as withdrawn. In the circumstances, the cross-appeal filed by the Revenue also stands dismissed.
The parties shall have the liberty for restoration of their challenge, 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 20th January, 2025.