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Facts
The assessee appealed against an addition of Rs. 5,00,000/- made under Section 69 as unexplained investment, which was confirmed by the CIT(A) and arose from an assessment order passed under Section 147 read with Section 144. During the hearing, the assessee requested to withdraw the appeal, having opted for the Direct Taxes 'Vivad se Vishwas' scheme, 2024.
Held
The Tribunal, noting the assessee's decision to opt for the Vivad se Vishwas scheme and the lack of objection from the Revenue, dismissed the appeal as withdrawn and not pressed. Liberty was granted to the assessee to file a miscellaneous application if their Vivad se Vishwas application is rejected.
Key Issues
The primary issue concerned the addition of Rs. 5,00,000 as unexplained investment under Section 69. However, the key procedural issue before the Tribunal was whether to dismiss the appeal as withdrawn, given the assessee's choice to opt for the Vivad se Vishwas scheme.
Sections Cited
143(3), 147, 144, 69
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, SMC BENCH, PUNE
Before: Dr. MANISH BORAD & SHRI VISWANETHRA RAVI
Assessee by : None Revenue by : Shri Basavaraj Hiremath, Additional CIT Date of hearing : 26.03.2025 Date of : .03.2025 pronouncement आदेश/ORDER
PER DR. MANISH BORAD, ACCOUNTANT MEMBER :
This captioned appeal filed by the assessee is directed against the order dated 06.08.2024 framed by Ld. CIT(A) NFAC u/s 143(3)/147 of the Income-tax Act, 1961 which is arising out of Assessment Order passed u/s.147 r.w.s. 144 of the Act dated 30.03.2022.
Assessee has raised following grounds of appeal:- 1) In the facts and circumstances of the case and in law, learned C.I.T. [A] has erred in confirming the addition of Rs.5,00,000/- wrongly made by the AO ignore the fact that, towards unexplained investment u/s 69 of the Act exclusively on the basis of information received from third party and without providing any documentary information and therefore the addition made by AO and confirmed by the CIT(A) is not justified and bad in Law. 2) In the facts and circumstances of the case and in law, the Ld CIT (A) NFAC has erred in confirming the above addition wrongly made by the AO (NFAC), ignoring the fact that, the appellant neither paid any cash consideration not the builder has received any cash consideration over and above of total consideration and therefore the addition made by the AO and confirmed by the CIT(A) is not justified and bad in law.
3) The appellant craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of appeal, if deemed necessary at the time of hearing of the appeal.
At the outset Ld. counsel for the assessee requested for granting permission to withdraw this appeal as assessee has opted for Direct Taxes “Vivad se Vishwas” scheme 2024. Copy of Form No. 1 & 2 is attached with the withdrawal application.
In absence of any objection from Ld. DR and considering the fact that assessee has opted for direct tax Vivad to Vishwas scheme, 2024 in order to end the litigation we dismiss the appeal of the assessee as withdrawan not pressed. Further liberty is granted to assessee to file miscellaneous application within prescribed time limit provided under the Act in case the assessee’s application under direct tax “Vivad se Vishwas” scheme 2024 is rejected.
In the result appeal of the assessee is dismissed as withdrawn as not pressed.
Order pronounced on this day of March, 2025.