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Facts
The assessee, Time Ads and Publicity, filed appeals against CIT(A) orders for Assessment Years 2013-14 and 2015-16. The assessee later communicated its intention to withdraw these appeals, opting to settle the underlying issues through the Direct Tax Vivad Se Vishwas Scheme, 2024.
Held
The Income Tax Appellate Tribunal permitted the assessee to withdraw the appeals, granting liberty to revive them if the application under the DTVSV Scheme is rejected. Consequently, the appeals were dismissed as withdrawn.
Key Issues
The key issue was whether to permit the assessee to withdraw its appeals to avail the Direct Tax Vivad Se Vishwas Scheme, 2024, with a provision to revive the appeals if the scheme's application is rejected.
Sections Cited
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Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM & SHRI PRAKASH CHAND YADAV, JM
O R D E R Per: Inturi Rama Rao, AM These appeals filed by the assessee are directed against the orders of the National Faceless Appeal Centre, Delhi [CIT(A)], both dated 01.03.2024 for Assessment Years (AYs) 2013-14 &2015-16.
When the appeals were called nobody appeared on behalf of the assessee despite due service of notice of hearing. Therefore, we proceeded to dispose of the appeal after hearing the learned Sr. DR. & 379/Coch/2024 Time Ads and Publicity At the outset we find that the assessee filed a letter dated 6th 3. January, 2025 stating that the he intends to withdraw the appeals, as the issue in the appeals is sought to be settled through Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV). Accordingly, we permit the assessee to withdraw the appeals with liberty to revive the appeals, in the event the application in Form No. 1 under DTVSV came to be rejected for any reason.
In the result, appeals filed by the assessee are dismissed as withdrawn.