POLYPEPTIDE LABORATORIES PVT. LTD.,MUMBAI vs. ACIT, 15(2)(2), MUMBAI

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ITA 2010/MUM/2018Status: DisposedITAT Mumbai14 December 2020AY 2014-152 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 acknowledged the assessee's intention to use the VSVS. Consequently, the appeal was dismissed with the liberty for the assessee to seek recall if VSVS proceedings are unsuccessful.

What were the facts?

The assessee filed an appeal against the CIT(A)'s order for AY 2014-15. The assessee expressed willingness to avail the Vivad Se Vishwas Scheme (VSVS) to settle the litigation.

What were the issues?

The primary issue was the assessee's desire to settle the tax dispute through the Vivad Se Vishwas Scheme, leading to the dismissal of the appeal.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI

Before: SHRI MAHAVIR SINGH & SHRI RAJESH KUMAR

For Appellant: Shri Subodh Ratna Parkhi, A.R
For Respondent: Ms. Shreekala Pardeshi, D.R
Hearing: 05.11.2020Pronounced: 14.12.2020

Per Rajesh Kumar, Accountant Member:

1.

The present appeal has been preferred by the assessee against the order dated 05.12.2017 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2014-15.

2.

At the outset, the Ld. Counsel of the assessee submitted before the Bench that the assessee is willing to avail Vivad Se Viswash Scheme (VSVS), 2020 to end the litigation and in order to buy peace of mind. Therefore, we are inclined to dismiss the appeal of the assessee with the liberty to get the same recalled, if the assessee does not succeed in VSVS, 2020 by moving miscellaneous application.

3.

The appeal of the assessee is dismissed.

Order pronounced in the open court on 14.12.2020.

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