M/S LSI INDIA RESEARCH & DEVELOPMENT PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER F INCOME TAX CIRCLE-4(1), BANGALORE

IT(TP)A No.107/Bang/2020 is an appeal by the assessee against the final Assessment Order dated 31.10.2019 by DCIT, Circle - 4(1)(1), Bengaluru, in relation to Assessment Year 2015-16.

Learned Counsel for the assessee submitted that the assessee has decided to opt for Vivad Se Vishwas Scheme, 2020 and settle the dispute in this appeal. She prayed that the necessary Forms will be filed in due course. In the course of hearing, it was the proposition put forward by the Bench that under these facts, the appeals of the assessee may be dismissed and withdrawn and liberty may be granted to the assessee to approach this Tribunal for recall of this order under section 254(2) of the Act in case the assessee finally opts out of Vivad Se Vishwas Scheme, 2020. In reply, it was submitted by learned AR of the assessee that if the liberty is granted to the assessee, then we have no objection about dismissal of the appeals as withdrawn. Learned DR of the Revenue also agreed to this proposition put forward by the Bench.

The appeals are accordingly dismissed as withdrawn. The assessee is however at liberty to seek recall of this order in the event of non-issue of Form-III or for other reasons the assessee is not able to settle the dispute under the Scheme.

In the result, assessee’s appeals are dismissed.