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Facts
The assessee filed an appeal against the assessment order for AY 2014-15, which was dismissed by the CIT(A). The assessment order included additions for long-term capital gains and unexplained expenditure.
Held
The Tribunal noted the assessee's application to withdraw the appeal as they had opted for the Vivad Se Vishwas Scheme, 2024. The appeal was dismissed as withdrawn.
Key Issues
Whether the appeal can be withdrawn by the assessee due to opting for the Vivad Se Vishwas Scheme.
Sections Cited
250, 147, 144, 68, 69C
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, JAIPUR BENCHES,”A-Bench” JAIPUR
Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM
vkns'k@ORDER PER: NARINDER KUMAR, JUDICIAL MEMBER .
On 29.11.2023, Learned CIT(A), NFAC, vide impugned order passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”), relating to the assessment year 2014-15, dismissed the appeal filed by the assessee and thereby upheld the assessment order dated 29.12.2017, Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri passed by the Assessing Officer, u/s 147 r.w.s. 144 of the Act, whereby its total income was computed as under:- “Total income as per return Rs. 1,04,590/- Addition u/s 68 Rs. 68,48,094/- Addition u/s 69C Rs. 4,41,888/- Total income Rs. 73,94,572/- R/O Rs. 73,94,570/-“
As is available from the assessment order, it is stated to be a case of survey/ search operation conducted by the Investigation Wing of Income Tax Department, which led to discovery of transactions of purchase/sale of shares, leading to long term capital gains, to the tune of Rs. 68,48,094/-, and also to the unexplained expenditure to the tune of Rs. 4,41,888/- found to have been paid by the assessee by way of commission @ 6% of the sale value of the shares of M/s First Financial Services Limited.
Today, when the appeal has been taken up for hearing, Ld. AR for the appellant has submitted an application seeking withdrawal of this appeal on the ground that the assessee has opted to avail of benefit of Direct Tax under Vivad Se Vishwas Scheme, 2024.
With the above said application seeking withdrawal of appeal, copy of Form No. 1 submitted before the competent authority has been furnished. Form No. 2 is still awaited, as mentioned in the application.
Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri 5. Ld. DR for the appellant-applicant submits that in view of the fact that the assessee has opted for the above said Scheme-2024, this appeal be dismissed as having been withdrawn.
In view of the above submission, this appeal is hereby dismissed as having been withdrawn. However, it is made clear that in case no settlement is arrived at between the parties, the appellant shall be at liberty to apply for revival of the appeal by moving appropriate application, in accordance with law.