ESKAY KNIT (INDIA) LIMITED,MUMBAI vs. DCIT CC 5(3), MUMBAI

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ITA 1348/MUM/2018Status: DisposedITAT Mumbai12 January 2021AY 2014-154 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The Tribunal treated the appeals as dismissed and withdrawn in view of the assessee's settlement under the Vivad Se Viswas Scheme. Liberty was granted to restore the appeals if the declaration under the scheme is declared bad in law.

What were the facts?

The assessee company filed applications under the Vivad Se Viswas Scheme 2020 to settle tax disputes for the assessment years 2013-14, 2014-15, and 2015-16. The assessee obtained Form-3 from the designated authority, indicating their intention to settle.

What were the issues?

The primary issue was the impact of the assessee's participation in the Vivad Se Viswas Scheme on the pending appeals before the Tribunal.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VIRTUAL COURT

Before: SHRI M.BALAGANESH, AM & SHRI PAVAN KUMAR GADALE, JM

For Respondent: Shri Sunil Kumar Jha, CIT-DR
Hearing: 12/01/2021Pronounced: 12/01/2021

Heard together (5 matters)

ITA No. 138/Mum/2020
ITA No.137/Mum/2020
ITA No. 6306/Mum/2018
ITA Nos. 1269/Mum/2018
ITA Nos. 1266/Mum/2018

Read from the judgment's own cause title. This page is filed under one of them.

आदेश / O R D E R PER M.BALAGANESH(AM):

1.

ITA No. 1347/Mum/2018 & (AY :2013-14), ITA No. 6221/Mum/2018 & ITA No. 6306/Mum/2018 (AY :2015-16) ITA No. 1269/Mum/2018 (AY:2014-15) & ITA No.1266/Mum/2018 (AY :2013-14) These appeals arise out of the order by the ld. Commissioner of Income Tax (Appeals)-53, Mumbai dated 15/12/2017 & 20/08/2018 respectively (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 28.03.2016, 26/12/2017 & 28/12/2016 respectively by the ld. Deputy Commissioner of Income Tax, Central Circle-5(3), Mumbai (hereinafter referred to as ld. AO).

ITA No.138/Mum/2020 (A.Y.2014-15)

This appeal in for A.Y.2014-15 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-53, Mumbai in appeal dated 25/10/2019 (ld. CIT(A) in short) in the matter of imposition of penalty u/s.271(1)(c) of the Income Tax Act, 1961.

2.

We find that the ld. AR filed letters dated 21/11/2020 & 29/10/2020 mentioning that assessee had preferred applications under direct tax “Vivad Se Viswas Scheme 2020” to settle these tax disputes for the years under consideration and had obtained Form-3 from the designated authority thereon, copies of which was enclosed alongwith this letter.

3.

In view of this, we hereby treat the appeals pending before us as dismissed and withdrawn with a liberty given to the assessee to get the appeals restored in the event that assessee’s declaration made under “Vivad Se Viswas Scheme 2020” is declared bad in law in future for any reason whatsoever.

4.

In the result, appeals of the assessee and revenue are dismissed.

Order pronounced in the open Court on 12/01/2021

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