FLOWSERVE MANAGEMENT COMPANY,USA vs. ACIT, CIRCLE-1(3)(1) INT. TAX, NEW DELHI
In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.
What did the Tribunal hold?
The Income Tax Appellate Tribunal accepted the assessee's request for withdrawal of the appeals. This was based on the assessee opting to settle the tax dispute under the Vivad Se Vishwas Scheme, 2020.
What were the facts?
The assessee, Flowserve Management Company, filed appeals against the assessment order for the assessment year 2015-16. The assessee subsequently requested to withdraw these appeals.
What were the issues?
The primary issue was whether the appeals should be withdrawn by the assessee due to their participation in the Vivad Se Vishwas Scheme.
Which sections of the Income-tax Act were involved?
The Direct Tax Vivad Se Vishwas Act, 2020
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH ‘A’ NEW DELHI
Before: SHRI G.S. PANNU & SHRI K.N. CHARY
Heard together (2 matters)
Read from the judgment's own cause title. This page is filed under one of them.
PER G.S. PANNU, VICE PRESIDENT These appeasl by the assessee are directed against the order of learned Asstt. Commissioner of Income Tax, Int Tax 1(3)(1) dated 31.10.2019 and pertain to assessment year 2015-16.
The learned counsel for the assessee, vide letter dated 01.03.2021, has requested for withdrawal of the appeals and stated that the assessee has opted to settle the dispute relating to the tax arrears for the assessment year under ITA 9733/Del/2019 consideration under the Vivad Se Vishwas Scheme, 2020. A certificate to this effect under Section 5(1) of The Direct Tax Vivad Se Vishwas Act, 2020 has also been filed.
Learned Senior DR has no objection.
In view of the above, we accept the request of the assessee for withdrawal of the appeals.
In the result, the appeal of the assessee is dismissed as withdrawn.
Above decision was announced on conclusion of Virtual Hearing on 12th March, 2021.
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