M/S. BHARAT VELOURS,MUMBAI vs. ACIT, CIRCL3-19(1), MUMBAI

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ITA 5326/MUM/2019Status: DisposedITAT Mumbai07 January 2021AY 2014-153 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal accepted the assessee's request for withdrawal of the appeal. The appeal was dismissed as withdrawn.

What were the facts?

The assessee filed an appeal before the ITAT. Subsequently, the assessee applied for withdrawal of the appeal as they had opted for the Direct Tax Vivad se Vishwas Act, 2020, and paid the settlement amount.

What were the issues?

Whether the appeal should be withdrawn by the assessee due to settlement under the Vivad se Vishwas Act.

Which sections of the Income-tax Act were involved?

Section 143(3)

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

Hearing: 07/01/2021Pronounced: 07/01/2021

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

1.

This appeal in A.Y.2014-15 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-29, Mumbai in appeal No.CIT(A)-29/IT-367/19(1)/17-18 dated 25/06/2019 (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 08/11/2016 by the ld. Asst. Commissioner of Income Tax, Circle-19(1), Mumbai (hereinafter referred to as ld. AO).

2.

Assessee vide its letter dated 28/12/2020, prayed for withdrawal of appeal in A.Y.2014-15. For the sake of convenience, we are reproducing the contents of the said Application as under:-

In connection with Captioned appeal we most humbly submit as order: 1) The captioned appeal was filed on 14tfl august 2019 against the CIT (A) order. 2) In order to buy peace we have applied under the direct tax Vivad Se Vishwas Act on disputed additions Act 2020 and agreed to pay the income tax copy of form 1& 2 is attached here with (Annex. A). 3) The PCIT-19 Mumbai has accepted our application on 22/12/2020 by issuing certificate in form 3 under the direct tax vivad se vishwas Rules. The copy of certificate is attached here with (Annex.B). 4) In terms of said certificate we have also paid the income tax of Rs.3,30,850 and copy to tax paid Challan is attached herewith (Annex.C). 5) As required under the allow us to said act we hereby request your goods service to Withdraw the captioned appeal so that we can submit VSV form No.4 on Income Tax Department portal. We shall remain thankful to you for cooperation in with drawing the captioned appeal.

3.

Ld. DR has not raised any objection.

4.

We have heard the ld. DR and perused the records, especially the Application of assessee for withdrawal of the Appeal. We find considerable cogency in the contentions of Assessee as aforesaid. Keeping in view of the facts and circumstances of the case, we accept the request of the assessee for withdrawal of the Appeal and accordingly, we dismiss the Appeal as withdrawn.

5.

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

Order pronounced in the open Court on 07/01/2021.

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