M/S NOBEL SHARE TRADING PVT. LTD. vs. INCOME TAX APPELLATE TRIBUNAL LUDHIANA AND ORS

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ITA/58/2015HC Punjab & HaryanaPHHC01110158201508 January 2021Bench: MR JUSTICE JASWANT SINGH,MR. JUSTICE SANT PARKASH2 pages
AI SummaryDismissed

What did the High Court hold?

The High Court allowed the application for withdrawal of the appeal. Consequently, the main appeal was dismissed as withdrawn.

What were the facts?

The appellant filed an appeal against an ITAT order upholding a penalty for concealed income. The appellant later filed an application to withdraw the appeal.

What were the issues?

Whether the appeal should be dismissed as withdrawn due to the appellant availing the 'Vivad Se Vishwas' scheme.

Which sections of the Income-tax Act were involved?

Section 260-A

AI-generated summary — verify with the full judgment below

ITA 58 of 2015(O&M) #1# IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH. Date of Decision:-08.01.2021 ITA No.58 of 2015(O&M) M/s Nobel Share Trading Pvt. Ltd. ......Appellant. Versus The Income Tax Appellate Tribunal, Ludhiana & Ors. ......Respondents. CORAM:- HON'BLE MR. JUSTICE JASWANT SINGH HON'BLE MR. JUSTICE SANT PARKASH Present:- Mr. M.S. Kanda, Advocate for the Appellant. *** JASWANT SINGH, J.(ORAL) [The aforesaid presence is being recorded through video conferencing since the proceedings are being conducted in virtual court] Appellant had filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order dated 19.09.2014 (Annexure A-7) passed by ITAT, Chandigarh upholding the levy of penalty for allegedly concealing income of Rs.42,00,000/- by the appellant for assessment year 2002-03. Vide order dated 14.05.2015 the appeal stands admitted. Now CM No.10946-CII of 2020 has been filed by the appellant seeking withdrawal of the appeal. It has been given out in the application that the applicant/appellant does not want to pursue the present appeal as it has availed the “Vivad Se Vishwas 2020” Scheme vide order dated 09.12.2020 (Annexure A-8) attached with the application passed by the Designated VINAY MAHAJAN 2021.01.11 12:20 I attest to the accuracy and integrity of this document

ITA 58 of 2015(O&M) #2# Authority. Notice of the application. Mr. Rajesh Katoch, Senior Standing Counsel accepts notice for Revenue and does not dispute the averments made in the application seeking withdrawal of the appeal. On the oral request of the counsel for the appellant, main appeal is ordered to be taken up today itself. For the reasons stated in the application, the same is allowed and main appeal is hereby dismissed as withdrawn. ( JASWANT SINGH ) JUDGE ( SANT PARKASH ) JUDGE January 08, 2021 Vinay Whether speaking/reasoned Yes/No Whether Reportable Yes/No VINAY MAHAJAN 2021.01.11 12:20 I attest to the accuracy and integrity of this document

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