GRAND MAGNUM HOUSING PVT. LTD.,CHENNAI vs. ITO, CHENNAI

This appeal filed by the assessee is directed against the order passed by the learned CIT(A)-6, Chennai dated 29.07.2016 and pertains to assessment year 2011-12. The assessee has also filed present stay application seeking stay of outstanding demand of `82,01,480/- for the assessment year 2011-12.

At the time of hearing, learned counsel for the assessee has filed a letter along with Form No.3 issued by the Department under ‘Vivad se Vishwas Scheme, 2020’ and submitted that the assessee has availed the VSVS scheme to settle its pending disputes. The ld.counsel for the assessee further submitted that the Department has accepted application filed by the assessee and issued Form 3 quantifying amount of taxes payable under VSVS scheme. Therefore, the ld. counsel for the assessee submitted that the appeal filed by the assessee may be dismissed as withdrawn. The ld. DR, on the other hand, has no objection for dismissing the appeal as the Designated Authority has issued Form 3. Therefore, considering the fact that the assessee has filed application for withdrawal of appeal and has also filed Form 3 issued by the Department, we dismiss the appeal filed by the assessee as withdrawn. However, a liberty is given to the assessee to restore the appeal, in case the application filed by the assessee before the Designated Authority, is rejected for any reason.