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Facts
The assessee company challenged an order of the CIT(A) relating to assessment year 2017-18, which had dismissed an appeal against a penalty order. The AO had imposed a penalty for misreporting of income.
Held
The Tribunal noted the appellant's application to dismiss the appeal as withdrawn due to moving an application for settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024. The appeal was accordingly dismissed as withdrawn.
Key Issues
Whether the appeal should be dismissed as withdrawn based on the appellant's intention to settle the dispute under the Vivad Se Vishwas Scheme.
Sections Cited
250
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Income Tax Appellate Tribunal, JAIPUR BENCHES, “SMC-Bench” JAIPUR
Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM vk;djvihy la-@ITA No. 1546/JP/2024
vkns'k@ORDER PER: NARINDER KUMAR, JUDICIAL MEMBER By way of present appeal, assessee- a Private Limited Compay- has challenged the order dated 19-12-2024 passed by ld. CIT(A), NFAC, Delhi u/s 250 of the Income Tax Act (in short ‘’ the Act’’), relating to the assessment year 2017- 18, as appeal filed by the assessee company challenging the penalty order came to be dismissed.
M/S. KAMAL AUTO FINANCE PVT LTD VS DCIT, CIRCLE-1, JAIPUR 2. Vide order dated 11-03-2034, the AO imposed penalty of Rs.52,012/- i.e. @ 200% of the tax payable for underreported income in consequence of misreporting of income.
Today, when the appeal has been taken up, an application dated 17-01-2025 submitted on behalf of the appellant has been put up. In the application, the prayer is that this appeal be dismissed as having been withdrawn, as the appellant has moved appropriate application for settlement of the dispute availing of benefit of Direct Tax Vivad Se Vishwas Scheme, 2024. At the same time, it has been requested that the appellant be granted liberty to get the appeal revised, in case of no settlement under the Scheme i.e. Direct Tax Vivad Se Vishwas Scheme, 2024.
Alongwith application, copy of Form No. 2 has been submitted. Form No. 4 is stated to have not so far been issued.
Having regard to the prayer in the application and that the appellant intends to get the matter settled under Direct Tax Vivad Se Vishwas Scheme, 2024, as requested, this appeal deserves to be dismissed as having been withdrawn. Result 6. As a result, this appeal is dismissed as having been withdrawn . However, it is made clear that in case no settlement is arrived at under the said Scheme, the M/S. KAMAL AUTO FINANCE PVT LTD VS DCIT, CIRCLE-1, JAIPUR assessee -appellant shall be at liberty to file appropriate application for restoration of the appeal, and that too in accordance with law.