M/S. THE MERCHANTS LIBERAL CO-OPERATIVE BANK LIMITED,GADAG vs. THE DIRECTOR OF INCOME TAX (INTELLIGENCE AND CRIMINAL INVESTIGATIONS), BANGALORE

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ITA 1556/BANG/2019Status: DisposedITAT Bangalore29 September 2020AY 2009-103 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the appeals as withdrawn, noting that keeping them pending would serve no purpose given the assessee's intention to settle under the Vivad Se Vishwas Act. The assessee was granted liberty to seek recall of the order if needed.

What were the facts?

The assessee bank filed appeals against penalty orders under Section 271FA. The assessee intended to settle the disputes under the Direct Tax Vivad Se Vishwas Act, 2020 and sought an adjournment.

What were the issues?

Whether the appeals should be adjourned or dismissed as withdrawn when the assessee intends to settle the dispute under the Vivad Se Vishwas Act.

Which sections of the Income-tax Act were involved?

Section 271FA

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C’’ BENCH: BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI B.R. BASKARAN, ACCOUTANT MEMBER

For Appellant: Shri Sandeep C. A.R
For Respondent: Smt. R. Premi, D.R
Hearing: 29.09.2020Pronounced: 29.09.2020

PER B.R. BASKARAN, ACCOUNTANT MEMBER:

1.

The assessee has filed these appeals challenging the orders passed by Ld CIT(A)-13, Bengaluru confirming the penalty levied u/s 271FA of the Income-tax Act,1961 ['the Act' for short] for assessment years 2009-10, 2013-14 to 2015-16.

2.

The authorised representative of the assessee has furnished a letter dated 29nd day of September, 2020, wherein it is stated that the assessee is seriously contemplating to settle the disputes of the present appeals under Direct Tax Vivad Se Vishwas Act, 2020 and is to 1559/Bang/2019 The Merchants Liberal Co-op. Bank Ltd., Gadag

Page 2 of 3 in the process of filing applications under the above said scheme. Accordingly, the assessee has sought for adjournment of the appeals.

3.

The Ld D.R, however, submitted that the assessee has to withdraw the pending appeals after filing Form VSV1 as per Vivad Se Vishwas Act, 2020. Thereafter, the assessee is required to furnish a copy of the same along with the proof of payment of tax as determined by the tax official to the department. He submitted that the Form no.3 shall be issued to the assessee in due course and accordingly he submitted that the appeals of the assessee may be dismissed, as the assessee, in any way, is required to withdraw these appeals after filing necessary applications under Direct Tax Vivad Se Vishwas Act, 2020.

4.

The Ld A.R, in the rejoinder, submitted that the assessee should be given liberty to seek recall of the order, if the appeals are dismissed by the bench.

5.

We heard the parties and perused the record. Since the assessee is seriously contemplating to settle the dispute under Direct Tax Vivad Se Vishwas Act, 2020, we are of the view that no purpose will be served in keeping these appeals pending. Accordingly we dismiss the appeals of the assessee as withdrawn.

6.

Since the Ld A.R of the assessee has sought adjournment, it appears that the assessee wants to make sure that the tax liability mentioned by him in Form no.1 should get confirmed by the revenue. Under these set of facts, since we have dismissed the appeals, the assessee is given liberty to move appropriate applications for recall of the present order in accordance with the law, if the assessee intends to do so. to 1559/Bang/2019 The Merchants Liberal Co-op. Bank Ltd., Gadag

Page 3 of 3 7. In the result, all the appeals of the assessee are dismissed as withdrawn. Pronounced in the open Court on 29-09-2020

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