BUDHML JAIN K,MYSORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), MYSORE

These appeals filed by two different assessees challenging the orders dated 24-07-2018 & 28-05-2018 passed by Ld CIT(A), Budhml Jain K. & Ratanchand Jain B., Mysore Mysuru and both the appeals relate to the assessment year 2015-16. The assessees are father & son and the son i.e. the assessee in has submitted a letter requesting to club both the appeals for hearing, since the issues in dispute in above two appeals are interconnected and have bearing on each other and accordingly, as the issues are identical and common, for the sake of convenience, these appeals are being disposed of by this consolidated order. The assessees are aggrieved by the decision of Ld CIT(A) in confirming the levy of penalty u/s 271AAB of the Income-tax Act,1961 ['the Act' for short]. assessee has furnished a letter dated 27-08-2020, wherein, inter alia, it is stated as under:-

Accordingly, the appellant has filed Form 1 & 2 under the said Act on 26-08-2020. Copy of the Form 1 is enclosed.

The Ld D.R, however, submitted that the assessees have to withdraw the pending appeals after filing Form VSV1 as per Vivad Se Vishwas Act, 2020. Thereafter, the assessees are required to furnish a copy of the same along with the proof of payment of tax as determined by the tax official to the department. He submitted that the Form no.3 shall be issued to the assessees in due course and accordingly he submitted that the appeals of the assessees may be dismissed as withdrawn, as the assessees, in any way, are required to withdraw the appeals.

We heard the parties and perused the record. Since the assessees have opted for Vivad Se Vishwas Scheme, 2020, the appellants would be moving applications for withdrawing the present appeals filed before the Tribunal in due course. Since the assessees have already filed the necessary applications before the tax authorities under the above said scheme, we are of the view that no purpose will be served in keeping the appeals pending.

We notice that the assessee in , in his application, has stated that he has not received Form no.3, in Budhml Jain K. & Ratanchand Jain B., Mysore Page 4 of 4 which the tax amount to be paid by the assessee shall be intimated by the department. Hence the assessee has sought adjournment till the time Form no.3 is received from the department, meaning thereby, the assessee wants to make sure that the tax liability mentioned by him in Form no.1 should get confirmed by the revenue. Under these set of facts, since we have dismissed the appeals, the assessees are given liberty to move appropriate applications for recall of the present order in accordance with the law, if the assessees intend to do so.

In the result, the appeals of the assessees are dismissed as withdrawn. Pronounced in the open Court on 27-08-2020 Sd/- Sd/- (A.K. Garodia) (N.V. Vasudevan) Accountant Member Vice President Bangalore, Dated 27th Aug, 2020. VG/SPS Copy to: