M/S. KSL AND INDUSTRIES LTD.,MUMBAI vs. DCIT CENT. CIR. - 5(3), MUMBAI

These all appeals arise out of the order by the ld. Commissioner of Income Tax (Appeals)-53, Mumbai dated 15/12/2017 (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 23/03/2016, 26/12/2017 & 29/12/2016 respectively by the ld. Deputy Commissioner of Income, Central Circle-5(3) (hereinafter referred to as ld. AO). ITA No.235/Mum/2020(A.Y.2013-14) (A.Y.2014-15) These appeals in ITA Nos. 235/Mum/2020 & 236/Mum/2020 for A.Y.2013-14 & 2014-15 arise 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.

We find that the ld. AR filed letters dated 28/10/2020 & 23/11/2020 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.

In view of this, we hereby treat the appeals pending before us as dismissed and withdrawn with a liberty given to the assessee to get the appeals restored in the event that assessee’s declaration made under “Vivad Se Viswas Scheme 2020” is declared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

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