Clitoria Vanijya Pvt. Ltd. - Withdrawal of appeal by the assessee under VSV Scheme

This case involves an appeal filed by the Revenue against an order from the Commissioner of Income Tax (Appeals). The Revenue's grounds for appeal included the deletion of additions made by the Assessing Officer, arguing that notices were properly served to the address on record. They also contested the deletion of a significant penalty imposed under Section 271(1)(c) for alleged concealment of income and failure to prove the genuineness of transactions.

IN THE INCOME TAX APPELLATE TRIBUNAL
(DELHI BENCH: ‘B’: NEW DELHI)
(THROUGH VIDEO CONFERENCING)

BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER
AND
SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER

ITA No:- 5788/Del/2017
(Assessment Year: 2008-09)

ACIT,
Central Circle-30,
New Delhi.
APPELLANT 
PAN No: AADCC0223D

Vs.

Clitoria Vanijya Pvt. Ltd.,
Delhi.
RESPONDENT

Revenue By : Ms. Nidhi Srivastava, CIT(DR)
Assessee By : Shri Divyansh Jain, Adv.

Per Anadee Nath Misshra, AM

(A) This appeal by Revenue is filed against the order of Learned Commissioner ofIncome Tax (Appeals)-30, New Delhi, [“Ld. CIT(A)”, for short], dated 22.06.2017 for Assessment Year 2008-09. Grounds taken in this appeal of Revenue are as under:

“1. The Ld. CIT(A) has erred in law in deleting the additions without considering the fact that notices were issued and served on the address asper return of income and record available with Assessing Officer. Theassessee did not give any intimation regarding change of address during any of the assessment proceedings.

2. The Ld. CIT(A) has erred in deleting the penalty of Rs. 1,42,11,280/-imposed by the AO u/s 271(1)(c) of the Act rws 274 of the Act on account of furnishing inaccurate particulars resulting in concealment of income to the extent of Rs. 4,18,10,000/-.

3. The Ld. CIT(A) has erred both in law and fact in deleting the penalty of Rs. 1,42,11,280/- u/s 271(1)(c) of the I.T. Act, 1961 imposed by the AO when the appellant did not discharge its onus of proving the identity, creditworthiness of the investors and genuinesness of the transactions during the course of assessment proceedings.

4. That the grounds of appeal are without prejudice to each other.

That the appellant craves leave to add, amend, alter or forgo any ground(s) of appeal either before or at time hearing of the appeal.”

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