M/S. PINNACLE TRADERS & INVESTMENTS LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-12(1), KOLKATA

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ITA 554/KOL/2019Status: DisposedITAT Kolkata24 February 2021AY 2013-142 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal permitted the assessee to withdraw the appeal, noting their compliance with the Vivad Se Vishwas Scheme. Liberty was granted to seek restoration if issues arose with the certificate or eligibility.

What were the facts?

The assessee wished to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020, and had filed the necessary declarations. However, the Designated Authority had not yet issued the certificate in Form No. 3.

What were the issues?

The primary issue was the assessee's intention to settle the dispute under the Vivad Se Vishwas Act and the procedural status of the settlement certificate.

Which sections of the Income-tax Act were involved?

Section 5(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH ‘(SMC

Before: SHRI P.M. JAGTAP, HON’BLE(KZ)]

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘(SMC)’, KOLKATA [BEFORE SHRI P.M. JAGTAP, HON’BLE VICE PRESIDENT (KZ)] [THROUGH VIRTUAL COURT] Assessment Year: 2013-14 M/s. Pinnacle Trades & Investments Ltd......................................................................Appellant Vaibhav, 5th Floor, 4, Lee Road, Bhawanipur, Kolkata – 700 020. [PAN: AABCP 7789 D] Vs DCIT, CIR -12(1), Kolkata...................………………………………………..........................Respondent Appearances by: None appearing on behalf of the Assessee. Shri Jayanta Khanra, JCIT, Sr. DR appearing on behalf of the Revenue. Date of concluding the hearing : February 24, 2021 Date of pronouncing the order : February 24, 2021 ORDER

This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals) – 69, Kolkata dated 29.06.2018.

2.

In this case, the assessee submitted that he has decided to settle the dispute involved in the appeal under the Direct Tax Vivad Se Vishwas Act, 2020. He also stated that he has duly filed the declarations in Form No. 1 and Form No. 2 but the Designated Authority has not issued the certificate in Form No. 3 as per Section 5(1) of the Scheme so far determining the tax payable by the assessee under the same Scheme.

Assessment Year: 20113-14 M/s. Pinnacle Trades & Investments Ltd.

3.

Keeping in view these facts and circumstances of the case including especially the fact that the assessee has duly complied with the necessary requirements under Vivad Se Vishwas Scheme, 2020, I permit the assessee to withdraw this appeal and dismiss the appeal with the liberty to the assessee that in case, there is any problem in issuance of the certificate in Form No. 3 by the Designated Authority or any other such situation making the assessee not eligible to opt for the Vivad Se Vishwas Scheme, 2020, he will have the liberty to approach this Tribunal with a request for restoration of this appeal.

4.

In the result, the appeal of the assessee is dismissed as withdrawn. Order Pronounced in the Open Court on 24th February, 2021.

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