ACIT, CENTRAL CIRCLE- 3, NEW DELHI vs. SWATI JAIN, NEW DELHI

On the facts and circumstances of the case, the Ld. CIT(A) has erred in observing that no satisfaction has been recorded in the assessment order in respect of addition made in respect LTCG when Joint satisfaction for two addition is recorded at the bottom of the assessment order.

On the facts and circumstances of the case, the ld. CIT has erred in observing that AO had no jurisdiction to levy penalty u/s 271(1)(c) of the Income Tax Act, 1961 with regard to LTCG addition when the satisfaction about furnishing of inaccurate particulars of income is evident in the addition of bogus LTCG itself.

(B) At the time of hearing, at the outset, the Ld. Authorized Representative (“Ld. AR”, for short) for the Assessee informed us that the assessee has opted for Vivad Se Vishwas Scheme, 2020 (“VSVS”, for short) for the settlement of subject matter of the disputes in this appeal. At the time of hearing before us, the Ld. AR for assessee submitted before us that this appeal may be dismissed on account of the aforesaid VSVS. The learned Commissioner of Income Tax (Departmental Representative) [“Ld. CIT(DR)”, for short] did not express any objection to this. We have perused Form – 5 issued by Designated Authority under VSVS, dated 10/06/2021. After due consideration, and in view of the foregoing; we treat this appeal as withdrawn by Revenue on account of the aforesaid VSVS. Accordingly, the appeal is dismissed being treated as withdrawn. (B.1) Before we part, we hereby clarify, by way of abundant caution, that if for some reason it is found by Revenue that the disputes under this appeal before us are not fully settled under the aforesaid VSVS, then Revenue will be at liberty to approach ITAT for restoration of this appeal, in accordance with law. (B.2) With these directions, the aforesaid appeal of Revenue is dismissed, being treated as withdrawn.