What did the Tribunal hold?

The Tribunal dismissed the appeal as withdrawn, with a condition. The appeal would be restored if the assessee's application under the 'Vivad Se Vishwas Scheme' is not approved by the authorities.

The Revenue filed an appeal against the order of the CIT(A). The assessee informed the tribunal that they have opted for the 'Vivad Se Vishwas Scheme' and requested an adjournment or protection for the appeal to be restored if their scheme application is rejected.

What were the issues?

Whether the appeal should be dismissed as withdrawn, with a conditional restoration, given the assessee's participation in the 'Vivad Se Vishwas Scheme'.

J.C.I.T. (OSD), Circle-10(1) vs M/S Icm Finance Pvt. Ltd. | ITAT Kolkata 2020

Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy & Sri Aby T. Varkey

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA (Virtual Court) (Before Sri J. Sudhakar Reddy, Accountant Member & Sri Aby T. Varkey, Judicial Member) Assessment Year: 2015-16 JCIT (OSD), Circle-10(1), Kolkata...................................................................................Appellant Vs. M/s. ICM Finance Pvt. Ltd......………………..…..............................................................Respondent [PAN: AAFCA 4930 K] Appearances by: Smt. Ranu Biswas, Addl. CIT, appeared on behalf of the Revenue. Sh. Subash Agarwal, Adv., appeared on behalf of the Assessee. Date of concluding the hearing : November 18th, 2020 Date of pronouncing the order : November 20th, 2020 ORDER Per J. Sudhakar Reddy, AM:

This is an appeal filed by the Revenue directed against the order of the Learned Commissioner of Income Tax (Appeals)-4, Kolkata, [hereinafter the “CIT(A)”], passed u/s. 250 of the Income Tax Act, 1961 (the ‘Act’), dated 06.12.2019 for the Assessment Year 2015-16.

The ld. Counsel for the assessee submitted that the assessee is availing the “Vivad Se Vishwas Scheme” and has filed an application in this regard. He wanted an adjournment or in the alternative pleaded for protection that, if its application under the scheme is rejected by the authorities, the appeal may be restored. He submitted that if such an assurance is recorded in the order, he would withdraw this appeal before the Tribunal. The ld. D/R had no objection.

After hearing rival contentions, we dismiss this appeal as withdrawn with the condition that the same shall be restored in case the authorities do not approve the application filed by the assessee for resolution of the dispute under “Vivad Se Vishwas Scheme”.

Assessment Year: 2015-18 M/s. ICM Finance Pvt. Ltd. 4. In the result, the appeal filed by the Revenue is dismissed as withdrawn. Kolkata, the 20th November, 2020. Sd/- Sd/- [Aby T. Varkey] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated: 20.11.2020 Bidhan (P.S.) Copy of the order forwarded to:

1. 1. JCIT (OSD), Circle-10(1), Kolkata.

2. M/s. ICM Finance Pvt. Ltd., 13, Mahendra Road, Kolkata-700 025.

3. CIT(A)-4, Kolkata. (sent through mail) 4. CIT- 5. CIT(DR), Kolkata Benches, Kolkata. (sent through mail)

J.C.I.T. (OSD), CIRCLE-10(1), KOLKATA vs. M/S ICM FINANCE PVT. LTD., KOLKATA

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