Loading judgment…
Facts
The assessees filed two appeals against the orders of the CIT(A) confirming additions made by the AO under Section 50C of the Income Tax Act for AY 2015-16. During the hearing, the assessees opted for settlement under the Vivad Se Vishwas Scheme, 2024.
Held
The Tribunal noted that the assessees have opted for settlement under the Vivad Se Vishwas Scheme and requested to withdraw the appeals. The Departmental Representative raised no objections. Accordingly, the appeals were dismissed as withdrawn.
Key Issues
Whether the appeals can be dismissed as withdrawn on the grounds of opting for the Vivad Se Vishwas Scheme.
Sections Cited
50C
AI-generated summary — verify with the full judgment below
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 Considering the submissions, the appeals are dismissed as withdrawn.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.