BANNARI AMMAN SUGARS LIMITED,COIMBATORE vs. ACIT CENTRAL CIRCLE 3(2), CHENNAI

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ITA 3308/CHNY/2024Status: DisposedITAT Chennai04 July 2025AY 2016-17Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI JAGADISH (Accountant Member)3 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 Income Tax Appellate Tribunal, noting that there was no objection from the Revenue, allowed the assessee's application to withdraw the appeal. Consequently, the appeal was dismissed as withdrawn.

What were the facts?

The assessee, M/s. Bannari Amman Sugars Ltd., had filed an appeal before the ITAT against the Ld. CIT(A)'s order for AY 2016-17. Subsequently, the assessee opted for the Vivad Se Vishwas Act, 2020, and their declaration was accepted by the Principal Commissioner of Income Tax. Following this, the assessee filed an application with the ITAT to withdraw its pending appeal.

What were the issues?

Whether the appeal filed by the assessee before the ITAT should be permitted to be withdrawn after the dispute was settled under the Vivad Se Vishwas Act, 2020.

Which sections of the Income-tax Act were involved?

Section 115JB,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘B’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI JAGADISH

Hearing: 27.06.2025Pronounced: 04.07.2025

आदेश / O R D E R

PER ABY T. VARKEY, JM:

1.

1. This is an appeal preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), (hereinafter referred to as ‘Ld.CIT(A)‘), Chennai-20, dated 30.10.2024 for the Assessment Year (hereinafter referred to as ‘AY‘) 2016-17.

:: 2 ::

2.

At the outset, the Ld.Counsel for the assessee brought to our notice that the assessee submitted an application dated 26.05.2025 seeking withdrawal of appeal, contents of which are reproduced as under:

1.

BASL/AC/IT/2025 26.05.2025 The Assistant Registrar, B Bench, The Income Tax Appellate Tribunal, A-3, II Floor, Rajaji Bhavan, Besant Nagar, Chennai - 600090 Sir,

Sub: Bannari Amman Sugars Limited ("the Appellant Company") AAACB8933G AY.2016-17 - Withdrawal of Appeal - ITAT, Chennai - Appeal No:ITA 3308/CHNY/2024, The Appellant Company has filed the return of income for the year ended 31.3.2016 relevant to AY 2016-17 on 29.11.2016 declaring total loss of Rs.48,43,15,684 under normal provisions of the Act and Book Profit of Rs.29,75,36,297 under section 115JB of the Income Tax Act, 1961 (the Act).

The Appellant Company has been selected for scrutiny assessment and the assessment proceedings has been completed vide order u/s 143(3) of the Act dated 26.12.2018 with the addition of Rs. 18,17,95,111. The Appellant has filed an appeal before Commissioner of Income Tax (Appeals), vide Form 35 on 25.01.2019.

The CIT(Appeals), on considering the written submissions, had issued the order u/s 250 of the Act dated 30.10.2024 deleted the addition of Rs.84,15,448 and confirmed the remaining addition made by the Assessing Officer. Subsequently, the Appellant Company has also filed an appeal before ITAT, Chennai vide Form 36 against the CIT(A) order dated 24.12.2024.

Subsequently, the Appellant Company, on considering the time and pending litigation, has filed a declaration and undertaking vide Form 1 under Vivad Se Vishwas Act, 2024 on 29.01.2025 against the appeal filed before CIT(A) as per FAQ No.36 of Circular 19 of 2024 dated 16.12.2024.

The Principal Commissioner of Income Tax-1, Chennai had accepted the Form 1 filed and issued the Certificate in Form - 2 dated 01.05.2025.

Hence, in these circumstances the appeal filed by the Appellant Company vide ITAT Appeal No. ITA 3308/CHNY/2024 may be disposed of as withdrawn.

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