M/S KARNATAKA VIKAS GRAMEENA BANK,DHARWAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), HUBBALLI

At the time of hearing, the Ld Counsel appearing for the assessee submitted that the assessee has opted to settle the issues arising in all the above said four appeals under Direct Taxes Vivad se Vishwas Act, 2010 and accordingly filed prescribed applications for the above said three years, which has covered the issues contested in the appeal filed by the revenue for 2016-17 also. He submitted that the assessee has already received Form no.3 from the department accepting the applications. Accordingly, the Ld A.R submitted that these appeals may be dismissed with liberty to seek recall, if there is a need.

The Ld D.R, submitted that the appeal for AY 2016-17 has been filed by the revenue also and hence, if the said appeal is dismissed and if something goes wrong with the application filed by the assessee for settlement of disputes of AY 2016-17, then the revenue should be given liberty to file application seeking recall of the order. The Ld D.R further submitted that the assessee should be directed to intimate the AO about the result of the application filed by it for AY 2016-17 and if they do not go through as desired by the assessee, then the assessee should persuade the AO to file necessary application seeking recall of this order within the statutory time limit prescribed under the Act. , 610, 611 & 720/Bang/2020 M/s. Karnataka Vikas Grameena Bank, Dharwad

However, we find merit in the submissions made by Ld D.R. Since the appeal filed by the revenue is dismissed by us at the instance of the assessee, we direct the assessee to persuade the AO to file necessary application for recall of the order pertaining to revenue’s appeal for AY 2016-17 in accordance with law within the statutory time period, if something goes wrong in respect of applications filed by the assessee under VSVS Act.

In the result, all the three appeals of the assessee are dismissed.