What did the Tribunal hold?

The Tribunal dismissed the appeal as withdrawn, acknowledging the settlement under the Vivad se Vishwas Scheme. The assessee was granted liberty to restore the appeal if the scheme settlement did not attain finality.

The assessee opted to settle the dispute under the Vivad se Vishwas Scheme, 2020. Having filed the necessary forms and received Form No. 3, the assessee requested the Tribunal to withdraw its appeal.

What were the issues?

Whether an appeal can be withdrawn by the assessee after opting for settlement under the Vivad se Vishwas Scheme.

Emirates Financial Services Psc vs ACIT | ITAT Mumbai 2021

Income Tax Appellate Tribunal, “I” BENCH, MUMBAI

Before: SHRI MAHAVIR SINGH, VP & SHRI M. BALAGANESH, AM Dr. Ambedkar Road,

For Respondent: Shri Vijay Kumar Subramaniyam, DR

Hearing: 05.04.2021Pronounced: 05.04.2021

PER M. BALAGANESH, AM:

In this appeal, the assessee had preferred to settle the dispute by availing the benefit of the Vivad se Vishwas Scheme, 2020. Form No. 1 & 2 has already been filed by the assessee before the competent authority.

We find that assessee has preferred application in Form No. 1 & 2 under Vivad Se Vishwas Scheme, 2020 and had also received Form No. 3 from ld. Principle Commissioner of Income Tax (Pr.CIT), Mumbai. Accordingly, the assessee vide its letter dated 19.03.2021 requested this Tribunal that the appeal filed by it may be treated as withdrawn.

We find that since the issue is already settled by the assessee under Vivad Se Vishwas Scheme, 2020 and pursuant to the request made by assessee vide

In the result, appeal of the assessee is dismissed as withdrawn.

Order pronounced in the open court on 05.04.2021

EMIRATES FINANCIAL SERVICES PSC,MUMBAI vs. ACIT (IT)- CIRCLE, 2 (2)(1), MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

Which sections of the Income-tax Act were involved?

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