NEW ERA SHIPPING AND LOGISTICS,COCHIN vs. ASSESSING OFFICER, COCHIN
In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.
What did the Tribunal hold?
The tribunal allowed the withdrawal of the appeal and dismissed it as withdrawn. However, it granted the assessee the liberty to revive the appeal if the DTVSV application in Form No. 1 is rejected for any reason.
What were the facts?
The assessee, New Era Shipping and Logistics, filed an appeal against the CIT(A)'s order for Assessment Year 2017-18. The assessee subsequently filed a letter seeking to withdraw the appeal as the issue was being settled under the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV).
What were the issues?
Whether the assessee should be allowed to withdraw an appeal to pursue settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024, with liberty to revive it.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM & SHRI KESHAV DUBEY, JM
O R D E R Per: Inturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)], dated 17.05.2024 for Assessment Year (AY) 2017-18.
When the matter was called on, the Bench noticed that assessee filed a letter dated 12.02.2025 seeking withdrawal of the appeal, as the issue in the appeal is sought to be settled through Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV).
New Era Shipping and Logistics 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 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In the result, appeal filed by the assessee is dismissed as withdrawn.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 18th March, 2025. 4.
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