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Facts
The assessee filed an appeal against the order passed by NFAC for the assessment year 2020-21. The assessee had opted for settlement of dispute under the VSV Scheme and filed Form-1.
Held
The Tribunal accepted the assessee's contention to withdraw the appeal as they had opted for the VSV Scheme. The appeal was dismissed as withdrawn, with liberty to revive it if the VSV application was not accepted.
Key Issues
Whether the appeal can be withdrawn by the assessee due to opting for a settlement scheme like VSV?
Sections Cited
143(3)
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Income Tax Appellate Tribunal, “C” BENCH MUMBAI
Before: SHRI AMIT SHUKLA & MS.RENU JAUHRI
ORDER PER: AMIT SHUKLA, JM: The aforesaid appeal has been filed by the assessee against the order dated 23.11.2023 passed by NFAC, Delhi for the quantum of assessment passed u/s 143(3) for the year 2020-21.
Before us the Ld.AR of the assessee submitted that assessee has opted for settlement of dispute under VSV Scheme and also 2 filed Form -1 in compliance to the said scheme on 29.11.2024, the copy of which has been enclosed. Accordingly, Ld.AR of the assessee requested that permission should be granted to withdraw the appeal with the liberty if application is finally not accepted, the assessee may approach this court to restitute the appeal.
The Ld. DR does not have any objection.
Since, assessee has opted for VSV Scheme and also filed Form-1, therefore, we accept the contention of the assessee to withdraw the appeal and accordingly, the appeal of the assessee is dismissed as withdrawn. However, liberty is given to the assessee if application for VSV is not finally accepted, then assessee can revive the appeal. Accordingly, the appeal of the assessee is dismissed in limine 5. In the result the appeal filed by the assessee is dismissed as withdrawan. Order pronounced in the open court on 20.01.2025. (RENU JAUHRI) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated 20/01/2025 AKV (On Tour)