ALVEAN INDIA P.LTD,GURGAON vs. DCIT ,CIRCLE-1(1),, GURGAON

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ITA 975/DEL/2022Status: DisposedITAT Delhi07 May 2024AY 2018-19Bench: SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)4 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal acknowledged the assessee's letter requesting withdrawal of the appeal due to its voluntary liquidation and the full payment of all outstanding tax liabilities, including interest. Accepting the assessee's request, the Tribunal dismissed the appeal as withdrawn.

What were the facts?

The assessee's appeal for AY 2018-19 against an NFAC order arose from an adjustment made by the TPO under section 92CA(3) of the Income Tax Act, 1961, which was confirmed by the AO after DRP proceedings. While the appeal was pending before the ITAT, the assessee company entered into voluntary liquidation. Subsequently, the company settled the entire outstanding tax demand along with applicable interest under section 221 of the Income Tax Act, 1961, and sought to withdraw its appeal.

What were the issues?

Whether the appeal should be allowed to be withdrawn given the assessee's voluntary liquidation and complete settlement of the tax demand and interest.

Which sections of the Income-tax Act were involved?

Section 92CA(3),Section 221

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “I”: NEW DELHI

Before: SHRI M. BALAGANESH & SHRI VIMAL KUMAR

For Appellant: Mr. Kashish Gupta, AR
For Respondent: Shri Rajesh Kumar, CIT DR
Hearing: 07/05/2024Pronounced: 07/05/2024

PER M. BALAGANESH, A. M.: The appeal in AY 2018-19, arises out of 1. the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as ‘ld. AO)’, in short] dated 11.03.2022. 2. At the outset, the assessee filed a letter dated 03.05.2024 stating that the fact that the assessee has gone into voluntary liquidation and had settled the entire taxes due along with the applicable interest. Accordingly, the assessee sought to withdraw this appeal. For the sake of convenience the said letter is reproduced below:-

3.

In view of the above, the appeal of the assessee is hereby dismissed as withdrawn. Order pronounced in the open court on 07/05/2024.

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