KAYCEE DIAMONDS,MUMBAI vs. ACIT 19(2)`, MUMBAI

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ITA 5209/MUM/2019Status: DisposedITAT Mumbai12 February 2021AY 2009-103 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 noted that the assessee had successfully resolved the tax dispute under the VSV scheme. Consequently, the assessee's request to withdraw the appeal was accepted.

What were the facts?

The assessee filed an appeal for AY 2009-10. Subsequently, the assessee informed the tribunal that they had opted for the Vivad se Vishwas (VSV) scheme for the same assessment year and had received Form-3, indicating acceptance of their declaration.

What were the issues?

Whether the appeal should be withdrawn as the assessee has opted for and been accepted under the Vivad se Vishwas scheme.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VIRTUAL COURT

Before: SHRI C.N. PRASAD, HONBLEShri Sreenivasa Raghvan

For Respondent: Shri Sreenivasa Raghvan
Hearing: 12.02.2021Pronounced: 12.02.2021

O R D E R PER C.N. PRASAD (JM)

1.

This appeal is filed by the assessee against order of the Learned Commissioner of Income Tax (Appeals)-29, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 13.06.2019 for the A.Y. 2009-10.

2.

Assessee filed a letter dated 01st February, 2021 and submitted as under: -

(A.Y: 2009-10) M/s. Kaycee Diamonds “Sub: ITA 5209/MUM/2019 Dated: 08.08.2019. Ref: Notice U/S 250 for Kaycee Diamonds. A.Y. 2009-10 PAN No. AAAFK1975E With reference to above, we hereby inform you that we have already filed form 1 in VSV scheme for AY 2009-10. We further state that the same has been accepted and form 3 is issued to us dated 23.12.2020 vide certificate number 871942750231220 with balance amount payable at Rs. 72,672.00. With reference to the same we hereby withdraw the appeal filed in view of the form no 3 issued to us vide certificate number 871942750231220. Please find attached herewith Form 3 along with the withdrawal letter for your reference and records.”

3.

On a perusal of the above letter of the assessee and the enclosed copies of Form-3 it is noticed that assessee has already filed declaration and undertaking in Form-1 under Vivad Se Vishwas Scheme and received Form-3 from the Revenue accepting the said declaration. Assessee requested for withdrawal of the appeal. Accepting the request of the assessee for withdrawal of appeal, this appeal is dismissed as withdrawn.

4.

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

Order pronounced in the virtual court on 12.02.2021

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