SREEVALSAM JEWELLERS,PANDALAM vs. ACIT, CENTRAL CIRCLE, KOLLAM
Facts
The assessee filed an appeal against an order from the Commissioner of Income Tax (Appeals)-3, Kochi for Assessment Year 2015-16. During the hearing, the assessee's counsel expressed an intention to withdraw the appeal, as the issue was to be settled through the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV).
Held
The tribunal permitted the assessee to withdraw the appeal. It dismissed the appeal as withdrawn, while granting the assessee liberty to revive the appeal if their application under the DTVSV is rejected for any reason.
Key Issues
Whether to allow the assessee to withdraw the appeal to pursue settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024, with a provision for revival if the scheme application is rejected.
Sections Cited
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM & SHRI SOUNDARARAJAN K., JM
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH
BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM
ITA No. 116/Coch/2024 Assessment Year: 2015-16
Sreevalsam Jewellers ACIT, Central Circle Ground Floor, Sree Valsom Bldg. Aayakar Bhavan, Karbala Jn. MC Road, Pandalam vs. Kollam 691001 Pathanamthitta 689501 [PAN: AGBFS9013C] (Appellant) (Respondent)
Appellant by: Shri S.K. Tulsiyan, Advocate Respondent by: Shri Suresh Sivanandan, CIT-DR
Date of Hearing: 21.03.2025 Date of Pronouncement: 30.05.2025
O R D E R Per Bench This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-3, Kochi [CIT(A)], dated 29.12.2023 for Assessment Year (AY) 2015-16.
When the matter was called on, the learned counsel for the assessee submitted that the appellant intends to withdraw the appeal, as the issue in the appeal is sought to be settled through Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV). Accordingly, we permit the assessee to withdraw the appeal with liberty to revive the appeal,
2 ITA No. 116/Coch/2024 Sreevalsam Jewellers in the event the application in Form No. 1 under DTVSV comes to be rejected, for any reason.
In the result, appeal filed by the assessee is dismissed as withdrawn.
Order pronounced in the open court on 30th May, 2025.
Sd/- Sd/- (SOUNDARARAJAN K.) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER Cochin, Dated: 30th May, 2025 n.p. Copy to:
The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File By Order
Assistant Registrar ITAT, Cochin
