What did the Tribunal hold?

The Tribunal allowed the assessee to withdraw the appeal as they were opting for the Vivad Se Vishwas Scheme. The assessee was granted liberty to apply for recalling the order if the scheme proposal was not accepted.

The assessee had appealed an order for AY 2014-15. The assessee informed the tribunal that they had opted for the Vivad Se Vishwas Scheme, 2020, and intended to file the necessary forms.

What were the issues?

Whether the appeal should be kept pending when the assessee is opting for a settlement scheme like Vivad Se Vishwas.

Asian Capital Market Limited vs A.C.I.T., Circle-2(4) | ITAT Kolkata 2021

Income Tax Appellate Tribunal, “B” BENCH, KOLKATA

Before: Shri P.M. Jagtap(KZ) &Shri A. T. Varkey, JM]

Pronounced: 15.01.2021

ORDER Per Bench: This appeal has been preferred by the assessee against the order of the Ld.CIT(A)-20, Kolkata dated 15.11.2019 for AY 2014-15.

None appeared on behalf of the assessee. At the outset, it is noticed from the letter of the director of the assessee company dated 11.12.2020 that the assessee have opted for the Vivad Se Vishwas Scheme, 2020 (hereinafter referred to as the ‘Scheme’) and accordingly is contemplating to file Form 1 and 2 before the competent authority as per the scheme in respect of this appeal. Taking into consideration the fact that since the assessee is opting for the ‘Vivad Se Vishwas Scheme, 2020’ for the assessment year 2014-15, there is no point in keeping the impugned appeal pending.

In the light of the aforesaid discussion, we treat this submission of the assessee informing the Tribunal the fact that assessee is opting for the said scheme, therefore, we allow the assessee to withdraw the impugned appeal. In case, if the competent authority as per the scheme does not accept the assessee’s proposal to opt for the Vivad Se Vishwas Scheme, 2020, or if the assessee changes his mind later not to opt for the scheme for any Asian Capital Market Limited, AY 2014-16 reasons, then the assessee is at liberty to move an application for recalling this order. With the aforesaid caveat, we allow the assessee to withdraw the captioned appeal. 4. Needless to say that our aforesaid action allowing the assessee to withdraw the appeal, will not come in the way of the competent authority of Revenue to accept the assessee’s said option/scheme for availing “Vivad Se Vishwas Scheme, 2020’.

In the result, the appeal of assessee is dismissed as withdrawn.

Order is pronounced in the open court.

ASIAN CAPITAL MARKET LIMITED,KOLKATA vs. A.C.I.T.,CIRCLE-2(4), KOLKATA

What did the Tribunal hold?

What were the facts?

What were the issues?

Which sections of the Income-tax Act were involved?

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