ACIT, CHENNAI vs. TEXTILE DYE CHEM CORPORATION, CHENNAI

When this appeal was taken up for hearing, by filing Form Nos.1 & 2, the Ld.Counsel for the assessee has submitted that the assessee has opted to avail the Vivad-se-Vishwas Scheme 2020. It was further submission that Form No.3 from the designated authority is yet to be issued and would be submitted in due course and the same shall be furnished after issuance of Form No.3. It has further submitted that the assessee may be permitted to withdraw the appeal.

On the other hand, the Ld.DR has not raised any objection to the submissions of the Revenue.

We have perused the materials available on record and gone through the orders of the authorities below.

In this case, the assessee has opted for the Vivad-se- Vishwas Scheme 2020, and filed Form Nos.1&2 and the Designated Authority is yet to issue Form No.3 for the settlement of pending tax dispute. Since the assessee has submitted that Form No.3 would be submitted as and when it is issued and prayed the assessee to withdraw the appeal, the ld.DR has fairly conceded for the above submissions of the Ld.Counsel for the assessee. However, it is open to the Revenue to approach the Tribunal by filing an appropriate application in the event of any injustice caused to the Revenue in respect of the settlement of dispute relating to the Vivad-se-Vishwas Scheme 2020.

In the result, the appeal filed by the Revenue in is dismissed.