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Facts
The Assessee filed an appeal against an order passed by the National Faceless Appeal Center under Section 250 of the Income Tax Act, 1961. During the proceedings, the Assessee opted for the Vivad Se Vishwas Scheme 2024 and filed Form No. 1, undertaking to deposit the requisite amount.
Held
The Income Tax Appellate Tribunal dismissed the appeal as withdrawn, granting liberty to the parties to seek recalling of the order if the Assessee fails to deposit the determined amount under the Vivad Se Vishwas Scheme 2024.
Key Issues
Whether the appeal should be dismissed as withdrawn given the Assessee's option for the Vivad Se Vishwas Scheme 2024, and under what conditions.
Sections Cited
250
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRY
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Assessee against the order dated 25.07.2024, impugned herein, passed by the National Faceless Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2021-22.
In the instant case, the Assessee has opted for Vivad Se Vishwas Scheme 2024 (in short “VSVS, 2024”) and filed form no.1 and undertakes to deposit the requisite amount to be determined by the Revenue Authority. The Ld. DR did not refute, such claim of the Assessee.
Considering the aforesaid peculiar facts and circumstances, this Court is inclined to dismiss the appeal filed by the Assessee as dismissed as withdrawn, however, with liberty to the parties to seek recalling of this order, in case of failure of the Assessee to deposit the requisite amount to be determined by the concerned authority under VSVS, 2024.
Thus, the appeal filed by the Assessee is accordingly dismissed as withdrawn with liberty to the parties as mentioned above.
Order pronounced in the open court on 10.01.2025.