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Facts
The assessee filed an appeal against the order of CIT(A). The assessee has since filed a letter stating they have opted for the Direct Tax Vivad Se Vishwas Scheme, 2024, for settling the issue.
Held
The Tribunal noted that the assessee sought to withdraw the appeal in light of opting for the Vivad Se Vishwas Scheme. The appeal was dismissed as withdrawn with liberty to reinstate if the scheme application is not accepted by the Revenue.
Key Issues
Whether the appeal can be dismissed as withdrawn due to the assessee opting for the Vivad Se Vishwas Scheme?
Sections Cited
250 of the Income Tax Act, 1961
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Income Tax Appellate Tribunal, “A” BENCH : BANGALORE
Before: SHRI GEORGE GEORGE K & MS. PADMAVATHY S
Per George George K, Vice President:
This appeal at the instance of the assessee is directed against the Order of CIT(A) dated 29.03.2024, passed under section 250 of the Income Tax Act, 1961 (hereinafter called ‘the Act’). The relevant Assessment Year is 2015-16.
Assessee has filed a letter dated 28.10.2024 in which it is stated that the assessee has filed Form 1 for settling the issue raised in this appeal under the Direct Tax Vivad Se Vishwas Scheme, 2024. The learned AR submitted that in light of assessee opting to settling the matter under Vivad Se Vishwas Scheme, 2024, appeal may be dismissed as withdrawn with liberty to reinstate the appeal in the event the assessee’s application under Vivad Se Vishwas Scheme, 2024, is not accepted by the Revenue.
In light of the above letter, we dismiss the appeal of the assessee with a liberty to file a petition to reinstate the same if the assessee’s application under Vivad Se Vishwas Scheme, 2024, is not accepted by the Revenue.
In the result, appeal of the assessee is dismissed as withdrawn.