M/S IFFCO TOKIO GENERAL INSURANCE CO. LTD.,,GURGAON vs. DCIT,, NEW DELHI

this appeal by IFFCO Tokio Gen insurance company limited(the assessee) for assessment year 2007-08 is directed against the orders of learned Commissioner of Income-tax (Appeals)-44, New Delhi (“Ld. CIT(A)”).

Learned Counsel for the assessee has intimated that the assessee has opted to settle the dispute relating to the tax arrears under the Vivad Se Vishwas Act, 2020 (in short ‘the Act’) for the assessment years under consideration and requested for withdrawal the said appeals.

Considering the aforesaid situation, the captioned appeals are consigned to records and treated as dismissed.

However, the aforesaid is subject to a caveat that in case the dispute relating to tax arrears for the captioned assessment years is not ultimately resolved in terms of the Act, the assessee shall be at liberty to approach the Tribunal for reinstitution of the appeals and the Tribunal shall consider such application appropriately as per law. The Revenue has no objection with regard to the aforesaid caveat.

In view of the aforesaid, both the appeals are consigned to record and, for statistical purposes, are treated as dismissed. Order was announced on conclusion of Virtual Hearing in the presence of both the parties on this the 11th day of February, 2021.