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off through this Order. Grounds taken in this appeal of Revenue are as under:
Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition made on account of unexplained cash credit of Rs. 1,68,09,388/- u/s 68 of the I.T. Act, 1961 without appreciating the fact that: a) The financial result and graph showing artificial increase of share Page 1 of 4
ITA No:- 159/Del/2018 price of M/s Eco Friendly Food Processing Part Limited which has been evidenced from the trading details verified by SEBI on BSE Exchange.] b) The benefit of LTCG was provided to preferential allotees/pre IPO transferees so as to convert unaccounted income into accounted one with no payment of taxes as LTCG is tax exempt. c) The assessee has purchased shares of M/s Eco Friendly Food Processing Park Limited at Rs. 99,000/- during FY 2012-13 and the same was sold at Rs. 1,69,08,388/- during FY 2014-15 which is 16979% of returns whereas the normal returns on investment are 7.80% for FY 2012-13 and 18.70% for FY 2014-15 for BSE/Sensex. d) The strong performance of M/s Eco Friendly Food Processing Park Ltd without having any supporting financial results itself is a circumstantial evidence to show that LTCG is not genuine.
The appellant craves leave for reserving the right to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of the appeal.”
(B) At the time of hearing, at the outset, the learned Counsel for the Assessee informed us that the assessee has opted to settle the aforementioned appeals under Vivad Se Vishwas Scheme, 2020 (“VSVS”, for short) and that the assessee has already filed the relevant forms. The Ld. Counsel for assessee also drew our attention to letter dated 13th March, 2021 filed in Income Tax Appellate Tribunal (“ITAT”, for short) giving intimation for the same, and requesting to withdraw this appeal.
(B.1) At the time of hearing before us, the Ld. Counsel for assessee as well as the learned Senior Departmental Representative (“Ld. Sr. DR”, for short) submitted before us that this appeal may be treated as withdrawn and may be dismissed on account of the aforesaid VSVS. After due consideration, and in view of the foregoing; and as both sides have agreed to this; we are of the view that this appeal has become infructuous, and we
ITA No:- 159/Del/2018 treat this appeal as withdrawn on account of the aforesaid VSVS. Accordingly, this appeal having become infructuous, are hereby dismissed as withdrawn, subject to settlement of the disputes in the appeals under the aforesaid VSVS.
(C) Before we part, we hereby clarify, by way of abundant caution, that if for some reason the disputes under these appeals before us are not settled under the aforesaid VSVS, then the assessee will be at liberty to approach ITAT for restoration of these appeals, in accordance with law.
(D) In the result, the appeal is dismissed.
This order has been already pronounced on 15th March, 2021 in Open Court, in the presence of Representatives of both sides; after conclusion of the hearing.