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

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).

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.

In view of this, we hereby treat the appeal pending before us as dismissed and withdrawn with a liberty given to the assessee to get the appeal restored in the event that assessee’s declaration made under “Vivad Se Viswas Scheme 2020” is declared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

In the result, appeal of the assessee is dismissed.