ACIT CORPORATE CIRCLE 4(1), CHENNAI vs. LOTTE INDIA CORPORATION LTD., CHENNAI

This appeal filed by the Revenue is against the order of the learned Commissioner of Income Tax (Appeals)-8, Chennai in dated 21.06.2018 relevant to the Assessment Year 2013-2014.

When this appeal was taken up for hearing, vide letter dated 27.01.2021, the learned Counsel for the Assessee has submitted that the Assessee has opted to avail the Vivad-se-Vishwas Scheme 2020. It was further a 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. He has further submitted that the assessee may be permitted to withdraw the appeal.

On the other hand the learned Departmental Representative has not raised any objection to the submissions of the learned Counsel for the Assessee.

We have heard both the sides, 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 the Designated Authority is yet to issue Form No.3 for the settlement of pending tax dispute. Since, the learned Counsel for the assessee has submitted that Form No.3 would be submitted as and when it is issued and prayed for permitting the 3 -: assessee to withdraw the appeal, the appeal filed by the Assessee is permitted to be withdrawn. However, it is open to the Assessee to approach the Tribunal by filing an appropriate application in the event of any injustice caused to the Assessee in respect of the settlement of dispute relating to the Vivad-se-Vishwas Scheme 2020.

In the result, the appeal of the Revenue in is dismissed as withdrawn.