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Facts
The assessee filed an appeal challenging the CIT(A)'s order confirming a penalty of Rs. 17,00,000/-. The assessee's counsel stated that the dispute has been settled under the Direct Tax Vivad Se Vishwas Act, 2020.
Held
The assessee's counsel requested permission to withdraw the appeal due to settlement under the Vivad Se Vishwas Act. The Tribunal heard the Departmental Representative and allowed the assessee to withdraw the appeal.
Key Issues
Whether the assessee can withdraw the appeal after settling the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.
Sections Cited
271(1)(c)
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Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI
Before: SHRI B.R. BASKARAN & SHRI SUNIL KUMAR SINGH
PER B.R. BASKARAN, ACCOUNTANT MEMBER :
The assessee has filed this appeal challenging the order dated 13/08/2018, passed by learned CIT (A), Noida-1 and it relates to the assessment year 2013-14. The assessee is challenging the decision of learned CIT(A) in confirming the penalty of Rs.17,00,000/- levied by the Assessing Officer u/s. 271(1)(c) of the Act.
The ld. Counsel appearing on behalf of the assessee submitted at the outset that the assessee has settled this dispute under Direct Tax Vivad Se Vishwas Act, 2020. Accordingly, he prayed that the Bench may permit the assessee to withdraw the appeal.
We have heard the ld. Departmental Representative. Having regard to the submissions made by ld. A.R, we allow the assessee to withdraw the appeal.
In the result, the appeal filed by the assessee is dismissed as withdrawn. Order pronounced in the open court on 18th June, 2024.