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Facts
The assessee, Innovative Foods Limited, filed an appeal against the order of the ld. CIT(A)/NFAC for AY 2018-19. During the hearing, the assessee expressed its intention to withdraw the appeal to settle the dispute under the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV), a request to which the revenue had no objection.
Held
The tribunal permitted the assessee to withdraw the appeal, granting liberty to revive it if the DTVSV application is subsequently rejected. Consequently, the appeal filed by the assessee was dismissed as withdrawn.
Key Issues
Whether the assessee's appeal should be dismissed as withdrawn given their intention to resolve the dispute under the Direct Tax Vivad Se Vishwas Scheme, 2024.
Sections Cited
250
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Income Tax Appellate Tribunal, COCHIN BENCH:COCHIN
Before: SHRI INTURI RAMA RAO & SHRI KESHAV DUBEY
O R D E R
PER KESHAV DUBEY, JUDICIAL MEMBER:
This appeal at the instance of the assessee is directed against the order of ld. CIT(A)/NFAC dated 24.01.2024 vide DIN & Order No. ITBA/NFAC/S/250/2023-24/1060057543(1) for the AY 2018- 19 passed u/s 250 of the Income Tax Act, 1961 (in short “The Act”).
When the matter was called on, the ld. Counsel for the assessee submitted that assessee intends to withdraw the appeal, as the issue in the appeal is sought to be settled through the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV). The revenue has also no objections for withdrawal of the appeal as requested by the assessee.
Innovative Foods Limited, Cochin Page 2 of 2 3. Accordingly, we permit the assessee to withdraw the appeal with liberty to revive the appeal, in the event the application in Form No.1 under DTVSV is rejected for any reason. Accordingly, we dismiss the appeal filed by the assessee as withdrawn.
In the result, appeal filed by the assessee is dismissed as withdrawn.