OASIS ENTERPRISES,VADODARA vs. THE DCIT, CENTRAL CIRCLE-1, VADODARA

The captioned appeal has been filed at the instance of the assessee against the order of the Commissioner of Income Tax (Appeals)-12, Ahmedabad (‘CIT(A)’ in short), dated 28.08.2018 arising in the assessment order dated 07.03.2017 passed by the DCIT, Central Cirlce-1, Baroda under Section 143(3) r.w.s. 142A of the Income Tax Act, 1961 (the Act) concerning AY 2014-15.

When the matter was called for hearing, it is pointed out to the Bench that the assessee has filed declaration and undertaking in Form No. 1 as per provisions of the Direct Tax Vivad Se Vishwas Act, 2020 for availment of the benefit under the scheme. In view of this, the Ld. Counsel for the assessee submitted that assessee does not want to pursue the said appeal owing to exercise of option for availing VSV Scheme and it has complied with the requisite formalities, and sought permission for withdrawal of appeal before the Tribunal. The Ld. Counsel has placed on record copy of Form No. 1 and 2.

The Ld. Departmental Representative for the Revenue stated that he has no objection to withdraw the appeals in the circumstances narrated on behalf of the assessee.

In the light of written requests made on behalf of the captioned party, the appeal is dismissed as withdrawn. However, in the event, the assessee fails to avail the benefit of VSV Scheme for any bonafide reasons, then the assessee concerned will be at liberty to seek restoration of original appeal for hearing before ITAT in accordance with law.

In the result, the captioned appeal is dismissed as withdrawn. This Order pronounced on 24/01/2022