SHRI RAJARAM SHANBHAG,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(1), MUMBAI

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ITA 4720/MUM/2018Status: DisposedITAT Mumbai05 November 2020AY 2016-172 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The Tribunal dismissed the appeal as withdrawn, subject to the condition that the assessee can seek restoration if the matter is not resolved under the Vivad se Vishwas scheme.

What were the facts?

The assessee filed an appeal against the CIT(A)'s order confirming an addition of Rs. 18,55,000/- for unexplained investment in jewellery. The assessee had filed a declaration under the Direct Tax Vivad se Vishwas Act, 2020.

What were the issues?

Whether the appeal should be dismissed as withdrawn due to the assessee opting for the Vivad se Vishwas scheme, with provisions for revival.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: SHRI SHAMIM YAHYA, AM & SHRI AMARJIT SINGH, JM

For Appellant: Shri Vinita Shah
Hearing: 05/11/2020Pronounced: 05/11/2020

O R D E R

PER AMARJIT SINGH, JM:

1.

This is an appeal filed by the assessee against the order dated 25.05.2018 passed by the Commissioner of Income Tax (Appeals), 53 Mumbai [hereinafter referred to as the “CIT(A)”]. Relevant to the A.Y. 2016-17.

2.

The assessee has raised the following grounds .:- “1. On the facts and circumstances of the case as well as in law, the Ld. CIT(A) has erred in confirming the action of Learned Assessing Officer in making an addition of Rs.18,55,000/- by treating the jewellery found during the course of search as alleged unexplained investment, without considering the facts and circumstances of the case.

2. The appellant craves leave to add, amend, alter or delete the said ground of appeal.”

3. When this appeal was 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 A.Y.2016-17 completion of the necessary formalities, he will withdraw the appeal. In response to the suggestion from the Bench, he fairly accepted that he has no objection to the appeal being dismissed as withdrawn as long as his right for revival of the appeal are protected, in the event of, for some unfortunate reason, the matter being not settled under the Vivad se Vishwas scheme.

4.

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

5.

In view of the above, we dismiss the appeal 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 appeal.

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