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Facts
The assessee filed an appeal against an order passed by the Principal Commissioner of Income Tax (Appeals). The assessee intended to settle the dispute amicably by opting for the VSV Scheme 2024 and acknowledged filing Form No.1.
Held
The tribunal considered the facts and circumstances, noting the assessee initiated the process for settlement via VSVS 2024. The adjournment sought was declined, and the appeal was dismissed as withdrawn.
Key Issues
Whether the appeal should be dismissed as withdrawn due to the assessee opting for the VSV Scheme 2024 and initiating settlement proceedings.
Sections Cited
263 of the Income Tax Act, 1961
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Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI OMKARESHWAR CHIDARA
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Assessee against the order dated 18.03.2024, impugned herein, passed by the Ld. Principal Commissioner of Income Tax (Appeals) (in short Ld. Pr. Commissioner) under 263 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2018-19.
The Assessee intends to settle the dispute amicably and therefore has opted for VSV Scheme 2024 and Department had acknowledged filing of Form No.1 as filed by the Assessee before this Court. The Assessee further willing to deposit the requisite amount to be determined by issuing From-2 which is awaited. The Ld. D.R. did not refute the claim of the Assessee.
Considering the peculiar facts and circumstances, as the Assessee has initiated the process for settling the dispute through VSVS 2024, the adjournment sought for declined and this appeal is dismissed as withdrawn, however, with liberty to both the parties to seek recall of this order, in case of failing of the Assessee to settle the dispute finally and/or deposit the requisite amount within the time prescribed.
In the result, the appeal filed by the Assessee is dismissed as withdrawn with liberty as mentioned above.
Order pronounced in the open court on 30.12.2024.