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Facts
The assessee intended to settle the tax dispute under the Vivad Se Vishwas (VSV) Scheme, 2024 and filed Form-2 accordingly. The Authorized Representative requested withdrawal of the appeal.
Held
The Tribunal acknowledged the assessee's intention to settle the dispute under the VSV Scheme and dismissed the appeal. It was clarified that the appeal could be restored if the settlement was deemed invalid.
Key Issues
Whether the appeal should be dismissed in light of the assessee opting for settlement under the Vivad Se Vishwas Scheme, 2024.
Sections Cited
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Income Tax Appellate Tribunal, ‘B’ BENCH, BANGALORE
Before: SHRI WASEEM AHMED & SHRI SOUNDARARAJAN K
PER WASEEM AHMED, ACCOUNTANT MEMBER:
This appeal filed by the assessee is against the NFAC, Delhi order dated 19/12/2024 vide DIN No. ITBA/NFAC/S/2024- 25/1071386872(1) for the assessment year 2013-14.
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 17-02-2025 requesting for the withdrawal of appeal.
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.
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.