LEHMAN BROTHERS SECURITIES P.LTD,MUMBAI vs. ASST CIT CIR 4(3), MUMBAI

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ITA 1718/MUM/2016Status: DisposedITAT Mumbai23 December 2020AY 2009-102 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The Tribunal dismissed the appeals as withdrawn, with a condition. The assessee has the liberty to approach the Tribunal for restoration if the matter is not settled under the Vivad se Vishwas scheme.

What were the facts?

The assessee filed appeals against the CIT(A) orders for assessment years 2009-10 to 2012-13. The assessee had filed a declaration under the Direct Tax Vivad se Vishwas Act, 2020, and was awaiting resolution under the scheme.

What were the issues?

The primary issue was the pending resolution of the assessee's tax disputes under the Vivad se Vishwas scheme, leading to the withdrawal of appeals.

Which sections of the Income-tax Act were involved?

Direct Tax Vivad se Vishwas Act, 2020

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H” BENCH, MUMBAI

Before: SHRI AMARJIT SINGH, JM & SHRI MANOJ KUMAR

For Appellant: Shri Nimesh Jain (AR)
Hearing: 23/12/2020Pronounced: 23/12/2020

आदेश / O R D E R PER BENCH: These appeals filed by the assessee against the order dated 18.12.2015 passed by the Commissioner of Income Tax (Appeals), 9 Mumbai [hereinafter referred to as the “CIT(A)”]. Relevant to the A.Ys. 2009-10 to 2012-13. 2. When these appeals were called out for hearing, the ld. Counsel of the assessee submitted that he has filed the necessary declaration under Direct Tax Vivad se Vishwas Act, 2020 (Act 3 of 2020) and is awaiting for final resolution of the matter under the said scheme. He submitted that upon completion of the necessary formalities, he will withdraw the appeals. In response to the suggestion from the Bench, he fairly accepted that he has no objection to the appeals being dismissed as withdrawn as long as his right to 1721/M/2016 A.Ys. 2009-10 to 2012-13 for revival of the appeals are protected, in the event of, for some unfortunate reason, the matter being not settled under the Vivad se Vishwas scheme.

3.

The Ld. DR also did not object to course so suggested.

4.

In view of the above, we dismiss the appeals as withdrawn, subject to be rider that in the unlikely event of matter not being resolved under the Vivad se Vishwas scheme, the assessee shall have liberty to approach the Tribunal for restoration of his appeals.

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