M/S. GE INDIA INDUSTRIAL PVT. LTD.,GURGAON vs. DCIT, NEW DELHI

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ITA 3694/DEL/2015Status: DisposedITAT Delhi15 February 2021AY 2006-073 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the assessee had settled the dispute under the Vivaad Se Vishwas Act and agreed to the withdrawal of the appeal. Therefore, the appeal was dismissed as requested.

What were the facts?

The assessee filed an appeal against the assessment order for AY 2006-07. The assessee later declared the dispute under The Direct Taxes Vivaad Se Vishwas Act, 2020, and Form No. 3 was issued determining the tax payable.

What were the issues?

Whether the appeal should be withdrawn and dismissed as the dispute has been settled under the Vivaad Se Vishwas Act.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C,Section 254,Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, [ DELHI BENCH “I–2”: NEW DELHI ]

Before: SHRI KULDIP SINGHSHRI PRASHANT MAHARISHI

For Appellant: Shri Sachit Jolly, Adv.;
For Respondent: Shri Ashish Kumar [CIT] – DR;
Hearing: 15/02/2021Pronounced: 15/02/2021

O R D E R PER PRASHANT MAHARISHI, A. M.

1.

This appeal is filed by the assessee against the order passed by the Dy. CIT (Appeals), Circle 10 (1), New Delhi, under Section 143(3) read with Section 144C and Section 254 of the Income Tax Act, 1961 (the Act) for Assessment Year 2006-07, wherein the return filed by the assessee under the normal provisions of the Act at Rs. ‘NIL’ and computing income under Section 115JB of Rs.40,01,84,605/- was assessed at Rs. ‘NIL’ under the normal provisions of the Act, but under Section 115JB assessed at Rs.48,57,35,537/-. .

2.

At the time of hearing of the appeal the ld. AR submitted that assessee has already declaration under The Direct Taxes Vivaad Se Vishwas Act, 2020 for the impugned assessment year and Form No. 3 has already been issued where the amount of tax payable is determined at Rs.16,06,17,431/- is ITA 3694/Del/2015 determined as per Form No. 3 issued on 08th February, 2021. Therefore, the appeal may be treated as withdrawn.

3.

The ld. DR also agreed with the above contentions.

4.

We have carefully considered the rival contentions. We find that the assessee has already been issued Form No. 3 by the Pr. Commissioner of Income Tax, Delhi–4, for the above impugned assessment year on 08th February, 2021 settling the above dispute. Therefore, he appeal of the assessee is as requested for withdrawal is dismissed.

5.

In the result, appeal by the assessee is dismissed.

Order pronounced in the open court on 15/02/2021.

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