DDIT (IT)4(1), MUMBAI vs. MACQUARIE BANK LTD, MUMBAI

These bunch of appeals include appeals by the Revenue, as well as the assessee. The Revenue is in appeal for the assessment years 2008-09 and 2009-10. The appeals by the assessee are for assessment years 2012-13 to 2014-15.

The assessee has filed a letter dated 12/02/2021 intimating that the assessee has opted for ‘Viwad Se Vishwas Scheme, 2020’( in short ‘VSVS’) in all the impugned assessment years and has made application in the prescribed Form No. 1 & 2 on 22/01/2021. Shri Jejoo Kothari appearing on behalf of assessee made statement during the proceedings that the assessee may be allowed to withdraw the appealswith liberty to revive in case the declaration made under VSVS is not accepted.

Shri S.S.Iyengar representing the Department stated that the Department has no objection if the assessee wants to avail the benefit of ‘VSVS’.

Heard. In view of the fact that the assessee has opted for VSVS, and the ld. Authorized Representative for the assessee has made statement that the assessee wishes to withdraw appeals subject to acceptance of declaration made under VSVS, the appeals of assessee for impugned assessment years are dismissed as withdrawn at this stage.

The assessee has also opted for ‘VSVS’ in respect of the assessment years where the Revenue has filed appeals i.e. assessment year 2008- 09 and 2009-10. Since the assessee has opted for ‘VSVS’ the appeals by the Revenue have become infructuous and are dismissed, as such.

Liberty is granted to the assessee/Revenue to revive the appeals in the event declaration filed by the assessee under VSVS fails to mature. It is further made clear that if the assessee /Revenue seeks to revive the appeals in the event assessee’s declaration made under VSVS is not accepted, the Registry shall not insist for filing of application for condonation of delay, if the Miscellaneous Application for recalling the order is filed beyond time on account of delay in communication of outcome under VSVS. [ Re. M/s. Nannusamy Mohan(HUF) vs. ACIT in T.C.A No.372 of 2020 decided on 16/10/2020 by Hon’ble Madras High Court]

The appeals by assessee are dismissed as withdrawn and the appeals by Revenue are dismissed as infructuous, with the liberty aforesaid.