DCIT-2(2)(1), MUMBAI vs. M/S LIC HOUSING FINANCE LTD., MUMBAI

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ITA 3994/MUM/2019Status: DisposedITAT Mumbai23 August 2021AY 2013-142 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal as withdrawn, based on the assessee's settlement under the Vivad se Vishwas scheme. The Revenue was granted liberty to seek restoration if the settlement failed.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order for AY 2013-14. The assessee informed the Tribunal that it had settled the matter under the Direct Tax Vivad se Vishwas Act, 2020.

What were the issues?

The primary issue was the withdrawal of the appeal due to the assessee's settlement under the Vivad se Vishwas Act. The Tribunal considered the implications of this settlement on the pending appeal.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “A” MUMBAI

Before: SHRI M. BALAGANESH & SHRI RAVISH SOOD

For Respondent: Shri Brajendra Kumar, Sr. D.R
Hearing: 23/08/2021Pronounced: 23/08/2021

PAN No. AAACL1799C (Revenue) (Assessee) Assessee by : Withdrawal request letter dated 20.08.2021 Revenue by : Shri Brajendra Kumar, Sr. D.R Date of Hearing : 23/08/2021 Date of pronouncement : 23/08/2021 ORDER PER RAVISH SOOD, J.M: The present appeal filed by the revenue is directed against the order passed by the CIT(A)-5, Mumbai, which in turn arises from the assessment order passed by the A.O under Sec. 143(3) r.w.s 144C(3) of the Income-tax Act, 1961, dated 30.11.2016 for assessment year 2013-14.

2.

The assessee has filed before us a letter dated 20th August, 2021, wherein it is stated that it has filed an application under the Direct Tax Vivad se Vishwas Act, 2020 in order to settle the aforesaid matter pending before the Tribunal and has received the certificate under sub-section (1) of Sec. 5 of Direct Tax Vivad se Vishwas Act, 2020 from the designated authority. In support of its aforesaid claim the assessee had enclosed alongwith its letter ‘Form 5’ issued by the designated authority. It is stated by the assessee that in the backdrop of the aforesaid facts the captioned appeal may be direceted to be withdrawn.

3.

The ld. D.R did not controvert the aforesaid factual position as was canvassed before us.

2 DCIT-2(2)(1) Vs. M/s LIC Housing Finance Ltd.

4.

In view of the above, we dismiss the appeal as withdrawn, subject to a rider that in the unlikely event of the matter not being resolved under the Vivad se Vishwas scheme the revenue shall have liberty to approach the Tribunal for restoration of its appeal.

5.

Resultantly, the appeal is dismissed as withdrawn subject to the observation recorded hereinabove.

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