NORTHROOF VENTURES PRIVATE LIMITED,,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1), BENGALURU

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ITA 1088/BANG/2024Status: DisposedITAT Bangalore22 April 2025AY 2021-22Bench: SHRI WASEEM AHMED (Accountant Member), SHRI PRAKASH CHAND YADAV (Judicial Member)1 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 was settling the dispute under the VSV Scheme and that Form-2 had been issued. Therefore, keeping the appeal pending would serve no purpose. The appeal was dismissed as the issue was being resolved under the VSV Scheme.

What were the facts?

The assessee filed an appeal against the order of the NFAC. During the proceedings, the assessee expressed an intention to settle the dispute under the Vivad Se Vishwas (VSV) Scheme, 2024, and submitted Form-2. The Authorized Representative requested the withdrawal of the appeal.

What were the issues?

Whether the appeal should be dismissed as the assessee intends to settle the dispute under the Vivad Se Vishwas Scheme, 2024.

Which sections of the Income-tax Act were involved?

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH: BANGALORE

Before: SHRI WASEEM AHMED & SHRI PRAKASH CHAND YADAV

For Appellant: Shri Madhusudhan, Advocate
For Respondent: Shri Sridhar E, CIT(DR)
Hearing: 19.03.2025

PER WASEEM AHMED, ACCOUNTANT MEMBER:

1.

This is an appeal filed by the assessee against the order passed by the NFAC, Delhi dated 29/03/2024 vide DIN No. ITBA/ NFAC/ S/250/2023-24/1063609156(1) for the assessment year 2021-22.

2.

In the present appeal, the assessee has contended that it intends to settle the dispute under Vivad Se Vishwas (VSV) Scheme 2024 introduced by the Government of India. Accordingly, during the course of the proceedings before us, the ld. Authorized Representative (AR) of the assessee submitted that the assessee is in the process of settling the tax dispute in the appeal on hand and filed Form-2 as prescribed under the Direct Tax Vivad se Vishwas Scheme (DTVSV), 2024, issued by the Competent Authority in support of his contention. Accordingly, the ld. AR filed the letter dated 19-03-2025 requesting for the withdrawal of appeal.

3.

The Learned Departmental Representative (DR) confirmed the submission of the AR and raised no objection to the dismissal of the appeal in light of the settlement of dispute under DTVSV, 2024.

4.

Considering the submission of the parties and in view of the fact that Form-2 has been issued by the revenue authority, we find that no purpose would be served by keeping this appeal pending before the Tribunal. Accordingly, this appeal is dismissed as the issue is being resolved under the Direct Tax Vivad se Vishwas Scheme, 2024. However, before parting it is clarified that in the event the Competent Authority under DTVSV, 2024, for any reason, deems the settlement to be non- operative or invalid, the Assessee shall be at liberty to approach the Tribunal by filing a suitable application for restoration of the appeal to its original number as per the provisions of law.

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