DCIT, CIRCLE- 12(1), NEW DELHI vs. IFCI LTD., NEW DELHI

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ITA 843/DEL/2018Status: DisposedITAT Delhi22 February 2021AY 2008-092 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal treated the appeals as dismissed, subject to a condition. If the dispute is not resolved under the Act, the assessee can seek reinstitution of the appeals.

What were the facts?

The assessee company opted to settle tax arrears under the Vivad Se Vishwas Act, 2020. The assessee requested to treat the appeals as withdrawn based on this settlement.

What were the issues?

Whether the appeals should be dismissed as withdrawn due to the assessee opting for settlement under the Vivad Se Vishwas Act, 2020.

Which sections of the Income-tax Act were involved?

Vivad Se Vishwas Act, 2020

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH: ‘C’ NEW DELHI

Before: SHRI R.K.PANDA & SHRI K.NARASIMHA CHARY

For Respondent: Ms Sunitha Singh, CIT-DR
Hearing: 22/2/2021

PER K. NARASIMHA CHARY, JM these appeals by Revenue in the case of IFCI Limited (the assessee) for assessment years 2008-09 and 2013-14 or directed against the orders of learned Commissioner of Income-tax (Appeals)-42, New Delhi.

2.

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Act, 2020 (in short ‘the Act’) for the assessment years under consideration and requested to treat the appeals as withdrawn.

3.

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

4.

However, the aforesaid is subject to a caveat that in case the dispute relating to tax arrears for the captioned assessment year 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.

5.

In view of the aforesaid, the appeals are consigned to record and, for statistical purposes, are treated as dismissed.

1.

Order was announced on conclusion of Virtual Hearing in the presence of both the parties on this the 22/2/2021.

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