ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, NAGPUR vs. M/S CYTEC INDIA SPECIALTY CHEMICALS AND MATERIALS PVT .LTD, NAGPUR

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ITA 87/NAG/2020Status: DisposedITAT Nagpur22 September 2023AY 2012-13Bench: SHRI SATBEER SINGH GODARA (Judicial Member), DR. DIPAK P. RIPOTE (Accountant Member)2 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found no merit in the Revenue's appeal as the assessee had settled the dispute under the Vivad se Vishwas Act. The appeal was dismissed in terms of the settlement.

What were the facts?

The Revenue appealed against the CIT(A)'s order for AY 2012-13. The assessee had settled all disputed taxes and demands for the impugned assessment year under the Vivad se Vishwas Act, 2020.

What were the issues?

Whether the Revenue's appeal is maintainable when the assessee has settled the dispute under the Vivad se Vishwas Act.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCHES : NAGPUR

Before: SHRI SATBEER SINGH GODARA & DR. DIPAK P. RIPOTE

Hearing: 01.09.2023Pronounced: 22.09.2023

THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCHES : NAGPUR (THROUGH VIRTUAL HEARING) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA.No.87/Nag./2020 Assessment Year 2012-2013 Assistant Commissioner Of M/s. Cytec India Income Tax Specialty Chemicals and Circle-3, Nagpur vs. Materials Pvt. Ltd. Plot No.G-54, MIDC Industrial Area, Butibori, Nagpur-441110 PAN: AAECC6848C (Appellant) (Respondent) For Assessee : Shri Mayur Kisnadwala, CA For Revenue : Shri Kailash Kanojiya, Sr. DR Date of Hearing : 01.09.2023 Date of Pronouncement : 22.09.2023 ORDER PER SATBEER SINGH GODARA, J.M.

This Revenue’s appeal for A.Y. 2012-13, arises against the CIT(A)-2, Nagpur’s order dated 17.03.2020, passed in Case No.CIT(A)-2/115/2015-16, in proceedings u/s. 143(3) of the Income Tax Act, 1961 [“In short Act”].

2.

Heard both the parties. Case file perused.

3.

It emerges at the outset that the assessee has already filed its Form-5 dated 16.12.2020 having settled all the disputed taxes / demands; pertaining to the impugned assessment year 2012-13, under the provisions of the Direct Tax ‘Vivad se Vishwas Act, 2020’. The Revenue could hardly dispute correctness thereof during the course

2 ITA.No.87/Nag./2020 ACIT vs. M/s. Cytec India Specialty Chemicals and Materials Pvt. Ltd. of hearing before us. We, thus, find no merit in the Revenue’s instant appeal seeking to revive the Assessing Officer’s action making various disallowances/additions in his corresponding assessment dated 23.03.2015 in very terms. Ordered accordingly.

4.

This Revenue’s appeal is dismissed in above terms subject to all just exceptions.

Order pronounced in the open court on 22.09.2023

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