Cable Corporation of India Ltd has preferred to settle the pending disputes under direct tax “Vivad Se Viswas Scheme 2020”

Cable Corporation of India Ltd has opted to settle its outstanding direct tax dispute for the assessment year 2008-09 through the 'Vivad Se Viswas Scheme 2020'. The Income Tax Appellate Tribunal has dismissed the appeal, noting that the assessee has filed the necessary declaration under the scheme. The tribunal has granted the assessee liberty to have the appeal restored if the declaration is later deemed invalid.

IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT),
‘C‘ BENCH MUMBAI

BEFORE SHRI M.BALAGANESH, AM
 &
 SHRI AMARJIT SINGH, JM

ITA No.4980/Mum/2018
(Assessment Year :2008-09)

M/s. Cable Corporation of
India Limited
Laxmi Building, 6
Shoorji Vallabhdas Marg
Ballard Estate
Mumbai – 400 001
PAN/GIR No. AAACC29361
(Appellant)

Vs. 

The Deputy Commissioner
of Income Tax – 2(1)(1),
Aayakar Bhavan
M.K.Road,
Mumbai – 400 020
(Respondent)

Assessee by Shri Nilesh Joshi & Shri Nishit
Khatri
Revenue by Ms. Shreekala Pardeshi

Date of Hearing 13/01/2021
Date of Pronouncement 13/01//2021

 O R D E R

PER M. BALAGANESH (A.M):

This appeal in ITA No.4980/Mum/2018 for A.Y.2008-09 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-4, Mumbaiin appeal No.CIT(A)-4(e)-file-33/DCIT-2(1)(1)/2016-17 dated 17/07/2018(ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act)  dated 23/03/2016 by the ld. Dy. Commissioner of Income Tax, Circle 2(1)(1), Mumbai (hereinafter referred to as ld. AO).

2. We find that the ld. AR filed a letter dated 12/01/2021 mentioning that assessee had preferred an application under direct tax “Vivad Se Viswas Scheme 2020” to settle this tax dispute for the year under consideration and had obtained Form-3 from the designated authority thereon, copy of which was enclosed alongwith this letter.

3. In view of this, we hereby treat the appeal pending before us as dismissed and withdrawn with a liberty given to the assessee to get the appeal restored in the event that assessee’s declaration made under “Vivad Se Viswas Scheme 2020” is declared bad in law in future for any reason whatsoever.

4. In the result, appeal of the assessee is dismissed.

Order pronounced in the Open Court on 13/01/2021.

Sd/-                                                                       Sd/-
(AMARJIT SINGH)                                              (M.BALAGANESH)
JUDICIAL MEMBER                                            ACCOUNTANT MEMBER

Mumbai; Dated 13/01/2021
KARUNA, sr.ps

Copy of the Order forwarded to :

1. The Appellant
2. The Respondent.
3. The CIT(A), Mumbai.
4. CIT
5. DR, ITAT, Mumbai
6. Guard file.

BY ORDER,

(Asstt. Registrar)
ITAT, Mumbai