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

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.

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

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.

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.

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 Accordingly we dismiss the appeals of the assessee as withdrawn.

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