LATA AGARWAL,BAREILLY vs. DCIT, BAREILLY

PDF · subscribers
ITA 255/LKW/2023Status: DisposedITAT Lucknow23 January 2025AY 2014-15Bench: SHRI KUL BHARAT (Vice President), SHRI ANADEE NATH MISSHRA (Accountant Member)3 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal permitted the assessee to withdraw the appeal and accordingly dismissed it as withdrawn. However, the Tribunal granted the assessee the liberty to approach for restoration of the appeal if the settlement under the Vivad se Vishwas Scheme fails.

What were the facts?

The assessee filed an appeal against the order of the Ld. CIT(A)-3, Lucknow, concerning the assessment year 2014-15, challenging an addition of Rs. 57,00,000/- made under Section 68 for unexplained cash credits. During the hearing, the assessee submitted that the dispute had been settled under the Direct Tax Vivad se Vishwas Scheme, 2024, and requested to withdraw the appeal.

What were the issues?

Whether the authorities below erred in confirming the addition of Rs. 57,00,000/- as unexplained cash credits under Section 68 by treating exempted capital gain as such.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH “A”, LUCKNOW

For Appellant: Shri Ravinder Aggarwal, CA
For Respondent: Shri. Sanjeev Krishna Sharma, Addl

PER KUL BHARAT, VICE PRESIDENT.:

1.

This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax (Appeals)-3, Lucknow dated 22.06.2023 pertaining to the assessment year 2014-15. The assessee has raised the following grounds of appeal: -

1. On the facts and circumstances of the case, the order passed by the learned authorities below is bad both in the eye of law and on facts.

2. On the facts and circumstances of the case, the Ld. authorities below have erred in law as well as in facts by confirming the order passed by the AO in treating the exempted capital gain as unexplained cash credits and thereby making the addition u/s 68 of Rs. 57,00,000/-.

3. On the facts and circumstances of the case, the learned authorities below have erred both on facts and in law in confirming the addition despite the fact that no defect/ any factual error was pointed out by the AO as well as CIT(A) in the documents filed and explanation given by the assessee during the Course of assessment and appellate proceedings.

4. That the Ld. authorities below have erred both on facts and in law in confirming the addition without bringing any adverse material or evidence on record.

5. That the appellant craves leave to add, amend or alter any of the grounds of appeal.”

Page 2 of 3 2. At the outset, the Ld. Counsel for the assessee submitted that the dispute has been settled under the Direct Tax Vivad se Vishwas Scheme, 2024 and prayed for withdrawal of the appeal. And a letter dated 18.01.2025 along with Form no. 1 is placed on record. The relevant contents of the letter dated 18.01.2025 is reproduced as under: -

“The assessee has opted for Vivad Se Vishwas 2024 as announced by the Government w.e.f. 01.10.2024. Copy of Form 1 in this regard is enclosed herewith. In view of above, you are most humbly requested to deem the appeal as withdrawn.” 3. The Learned Departmental Representative has no objection for withdrawal of the appeal.

4.

In view of the facts discussed above, we permit the assessee to withdraw this appeal. Accordingly, the appeal is dismissed as withdrawn. However, a liberty is given to the assessee for approaching the Tribunal for restoration of this appeal in the event of failure of settlement of tax disputes.

5.

In the result, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the open Court on 23/01/2025.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →