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Facts
The assessees filed two appeals for Assessment Year 2015-16 against orders of the CIT(A) which confirmed additions made under section 50C of the Income Tax Act. The additions were Rs.36,01,000/- in each case.
Held
During the hearing, the assessees informed the tribunal that they had opted for settlement under the Vivad Se Vishwas Scheme, 2024, and requested to withdraw their appeals. The Departmental Representative had no objections.
Key Issues
Whether the appeals could be dismissed as withdrawn by the assessees upon opting for settlement under the Vivad Se Vishwas Scheme, 2024.
Sections Cited
50C
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Income Tax Appellate Tribunal, “B” BENCH, AHMEDABAD
Before: MS. SUCHITRA KAMBLE & SHRI MAKARAND V. MAHADEOKAR
O R D E R PER MAKARAND V. MAHADEOKAR, AM: These two appeals filed by the different assessees pertain to the Assessment Year (AY) 2015-16 against the separate orders passed by the Commissioner of Income Tax (Appeals)-13, Ahmedabad [hereinafter referred to as “CIT(A)”] both dated 04/03/2021 confirming the addition of Rs.36,01,000/- in each case under section 50C of the Income Tax Act, 1961 [hereinafter referred to as “the Act”]. & 59/Ahd/2021 Shri Atul Jayantilal Shah & Dakshu Atul Shah vs. DCIT Int. Taxa. Asst. Years: 2015-16 2 2. For A.Y. 2015-16, in both the cases of assessees, the AO made addition(s) u/s.50C of the Act, which were confirmed by the Ld.CIT(A).
Aggrieved by the order(s) of the CIT(A), the assessees preferred the present appeals before us, challenging the findings of the lower authorities.
During the course of hearing, the AR of the assessees submitted separate letters dated 5th March 2025, stating that assessees have opted for settlement under the Vivad Se Vishwas Scheme, 2024 (VSVS), and Form No. 2 has been issued by the competent authority. Accordingly, the assessees requested to withdraw both the appeals.
The Departmental Representative (DR) raised no objections. Considering the submissions, the appeals are dismissed as withdrawn. However, the assessees are at liberty to seek restoration in case of any difficulty in implementing the scheme.