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Facts
The assessee, Nalakath Granites, filed an appeal against an order of the CIT(A)/NFAC for AY 2017-18. During the hearing, the assessee requested to withdraw the appeal to settle the matter under the Direct Tax Vivad Se Vishwas Scheme, 2024, a request to which the revenue had no objection.
Held
The Tribunal granted the assessee's request to withdraw the appeal, allowing the assessee the liberty to revive or reinstate the appeal if their application under the DTVSV scheme is rejected. Consequently, the appeal was dismissed as withdrawn.
Key Issues
Whether to permit the assessee to withdraw the appeal for settlement 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
Assessment Year: 2017-18 Nalakath Granites Poopalam Pattikkad PO Perinthalmanna ITO Vs. Malappuram District Ward-2 Kerala 679 323 Tirur PAN NO :AAIFN6386N APPELLANT RESPONDENT Appellant by : None Respondent by : Smt. Leena Lal, Snr. AR Date of Hearing : 28.01.2025 Date of Pronouncement : 02.04.2025 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 30.05.2024 vide DIN & Order No. ITBA/NFAC/S/250/2024-25/1065241950(1) for the AY 2017- 18 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 the assessee intends to withdraw the appeal, as the issues 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.
Accordingly, we permit the assessee to withdraw the appeal with liberty to revive/reinstate 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 Accordingly, we dismiss the appeal filed by the assessee as withdrawn.
In the result, appeal filed by the assessee is dismissed as withdrawn.