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Facts
The assessee filed an appeal against the CIT(A) order for AY 2005-06. During the hearing, the assessee's counsel submitted a letter indicating the intent to withdraw the appeal to settle the matter under the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV).
Held
The Income Tax Appellate Tribunal permitted the assessee to withdraw the appeal, granting liberty to revive it if the application under the Direct Tax Vivad Se Vishwas Scheme, 2024, is rejected. Consequently, the appeal was dismissed as withdrawn.
Key Issues
Whether the assessee's appeal should be allowed to be withdrawn to pursue settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024, and whether liberty should be granted to revive the appeal if the DTVSV application is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 This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 20.02.2024 for Assessment Year (AY) 2005-06.
When the matter was called the learned counsel for the assessee filed a letter stating that the appellant intends to withdraw the appeal, as the issue in the appeal is sought to be settled through Time Ads and Publicity Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV). 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 came to be rejected for any reason.
In the result, appeal filed by the assessee is dismissed as withdrawn.