PREMIER ALLOYS AND CHEMICALS PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE-5(1), HYDERABAD

At the outset, the Learned Authorised Representative (“Ld. AR”) submitted that the assessee wanted to withdraw the appeal as they have opted under the Direct Taxes Vivad Se Vishwas Scheme, 2024 (“VSVS”). The Ld. AR submitted that the assessee has filed Form 1 under the VSVS on 4.11.2024. Therefore, the Ld. AR requested before the bench that the assessee may be allowed to withdraw the appeal.

The Learned Department Representative (“Ld. DR”) conceded to the request of Ld. AR.

We have heard the rival contentions and also gone through the record in the light of the submissions made on either side. We are inclined to allow the appeal of the assessee to withdraw as they have preferred to avail the VSVS and have already filed Form no.1 under VSVS. The Ld. DR has also conceded to the request of Ld. AR. Accordingly, we hereby dismiss the appeal of the assessee as withdrawn. However, we are giving opportunity to the assessee, if the case of the assessee is not accepted under VSVS by Revenue for whatsoever may be the reason, then the assessee shall be at liberty to file Miscellaneous Application before the Tribunal within the prescribed time under the Act to reinstate the case. It is ordered accordingly.

In the result, the appeal filed by the assessee is dismissed as withdrawn.