FAIRFIELD ATLAS LTD,BELGAON vs. ADDL CIT RG 1(1), MUMBAI

The present appeal has been filed by the assessee against the order dated 16.12.2016 passed by Ld. DRP-1, Mumbai [hereinafter referred to as the “Ld. DRP”] relevant to A.Y. 2012-13.

At the outset, when the appeal was called out for hearing, the Ld. Counsel of the assessee submitted that he has filed the necessary declaration under Direct Tax Vivad se Vishwas Act, 2020 (Act 3 of 2020) and is awaiting for final resolution of the matter under the said scheme. He submitted that upon completion of the necessary formalities, he will withdraw the appeal. In response to the suggestion from the Bench, he fairly accepted that he has no objection to the appeal being dismissed as withdrawn as long as his right for revival of the appeal is protected, in the Fairfield Atlas Ltd. event of, for some unfortunate reason, the matter being not settled under the Vivad se Vishwas scheme.

The Ld. DR also did not object to course so suggested.

In view of the above, we dismiss the appeal as withdrawn, subject to the rider that in the unlikely event of matter not being resolved under the Vivad se Vishwas scheme, the assessee shall have liberty to approach the Tribunal for restoration of its appeals.

In the result, the appeal is dismissed as withdrawn – subject to the observation above.