SUNGWOO HITECH INDIA LIMITED,KANCHEEPURAM vs. DCIT, CHENNAI

The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)- 15, Chennai in dated 29.03.2019 for the assessment year 2014-15.

The Bench has considered rival contentions of both sides and after hearing both parties, we find that the assessee has filed declaration in Form No.1 along with undertaking waiving rights for any remedy in Form No. 2 to the designated Authority and has received Form 3. Therefore, we dismiss the appeal filed by the assessee, supra, as withdrawn. However, liberty is given to the assessee to restore the appeal, in the event of the Designated Authority, for any reason reject the application filed by the assessee under section 4 of the said Act. We, further make it clear that if the assessee has for any reason opted out from the scheme or the applicant under the scheme misrepresent any fact which resulted in rejection of application filed under the scheme, then the provisions of section 4(6) of the Act, shall be applicable to all such appeals and in such cases, all the proceedings and the claims which were withdrawn under section 4 and all the consequences under the Income- tax Act against the declarant shall be deemed to have been revived. We, further make it clear that the assessee should promptly inform the Assessing

In the result, the appeal filed by the assessee is dismissed as withdrawn.