CHEM-TREND CHEMICALS COMPANY PVT. LTD,BANGALORE vs. ACIT 15(1)(2), MUMBAI

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ITA 335/MUM/2019Status: DisposedITAT Mumbai02 June 2021AY 2010-113 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal treated the appeal as dismissed and withdrawn, granting liberty to the assessee to have it restored if the Vivad Se Viswas declaration is later declared bad in law.

What were the facts?

The assessee filed an appeal before the ITAT regarding a penalty imposed under Section 271C. Subsequently, the assessee filed an application under the Vivad Se Viswas Scheme 2020 to settle the tax dispute.

What were the issues?

Whether the appeal should be dismissed due to the assessee opting for the Vivad Se Viswas Scheme for dispute resolution.

Which sections of the Income-tax Act were involved?

Section 271C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C‘ BENCH

Before: SHRI M.BALAGANESH & SHRI PAVAN KUMAR GADALE

For Respondent: Ms. Shreekala Pardeshi
Hearing: 02/06/2021Pronounced: 02/06/2021

आदेश / O R D E R PER M. BALAGANESH (A.M):

1.

This appeal in A.Y.2010-11 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-24, Mumbai in appeal No.CIT(A)-24/ACIT 15(1)(2)/IT-149/16-17 dated 31/10/2018 (ld. CIT(A) in short) in the matter of imposition of penalty u/s.271C of the Income Tax Act, 1961 (hereinafter referred to as Act).

M/s. Chem-Trend Chemicals Company

2.

We find that the assessee filed a letter dated 22/03/2021 mentioning that an application had been preferred under direct tax “Vivad Se Viswas Scheme 2020” to settle this tax dispute for the year under consideration and had obtained Form-3 from the designated authority thereon, copy of which was enclosed alongwith this letter.

3.

In view of this, we hereby treat the appeal pending before us as dismissed and withdrawn with a liberty given to the assessee to get the appeal restored in the event that assessee’s declaration made under “Vivad Se Viswas Scheme 2020” is declared bad in law in future for any reason whatsoever.

4.

In the result, appeal of the assessee is dismissed.

Order pronounced in open Court on 02/06/2021.

Sd/- Sd/- (PAVAN KUMAR GADALE) (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated 02/06/2021 KARUNA, sr.ps

M/s. Chem-Trend Chemicals Company

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