Loading judgment…
Facts
The assessee filed an appeal against the CIT(A)'s order concerning assessment year 2012-13, which arose from an assessment order that included a transfer pricing adjustment and disallowance of loss on amortization of forward contract premium. During the pendency of the appeal, the assessee opted for settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024.
Held
The Tribunal noted that the assessee has opted for settlement under the VSV Scheme, and the appeal has been settled as evidenced by Form No. 2. Therefore, nothing remains for adjudication in the present appeal.
Key Issues
Whether the appeal survives for adjudication when the assessee has opted for settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024.
Sections Cited
250, 143(3), 144C(3), 92(1)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “D” BENCH, AHMEDABAD
Before: SHRI SIDDHARTHA NAUTIYAL & SHRI MAKARAND V.MAHADEOKAR
This appeal by the assessee is directed against the order passed by the Commissioner of Income Tax (Appeals)-13, Ahmedabad [“CIT(A)”], dated 30.01.2024, for the assessment year 2012–13, passed under section 250 of the Income Tax Act, 1961.
The impugned order of the learned CIT(A) arises from the assessment order passed under section 143(3) read with section 144C(3) of the Act dated 11.03.2016, wherein the Assessing Officer had made, inter alia, an addition of Rs.1,15,27,236/- on account of transfer pricing adjustment. Aggrieved by the order of the learned CIT(A), the assessee filed the present appeal before us raising various 2 grounds of appeal, primarily challenging the addition of Rs.1,15,27,236/- on account of adjustment to the arm’s length price, and the disallowance of Rs.26,53,560/- on account of loss on amortization of forward contract premium, alleging that the same was disallowed due to inadvertent error.
However, during the pendency of the present appeal, the assessee has filed an application dated 05.05.2025 through its Authorised Representative, Shri Manish J. Shah, Advocate, stating that the assessee has opted for settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024 (hereinafter “VSV Scheme”), by filing declaration in Form No. 1, which has been duly accepted by the Department. The assessee has furnished a copy of Form No. 2 (DIN / Acknowledgement Number: 950084871300425) issued under section 92(1) of the Finance (No. 2) Act, 2024, evidencing acceptance of the declaration and settlement of the tax arrears.
In view of the fact that the assessee has opted for resolution of the dispute under the VSV Scheme, 2024 and the appeal has been duly settled as evidenced by Form No. 2 issued by the Principal Commissioner of Income Tax, Ahmedabad-1, we find that nothing survives in the present appeal for adjudication.
Accordingly, the appeal filed by the assessee is dismissed as withdrawn. 5. In the result, the appeal of the assessee is dismissed. Order pronounced in the Court on 7th May, 2025 at Ahmedabad.