M/s Deccan Jewellers - Appeal of the assessee stands dismissed as withdrawn under VSVS, 2020.

Last updated: 01 March 2021

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The Income Tax Appellate Tribunal has dismissed the appeal filed by M/s. Deccan Jewellers Pvt. Ltd. as withdrawn. This decision was made because the assessee had availed the Vivad se Vishwas (VSVS) scheme, a direct tax dispute resolution initiative. Consequently, the Revenue's appeal against the same matter was also deemed infructuous and dismissed.

Court :
ITAT Visakhapatnam

Brief :
These cross appeals have been preferred by the Revenue and the assessee against the order dated 19/07/2019 impugned herein passed by the ld. CIT(A)-3, Visakhapatnam u/sec. 250(6)of the Income Tax Act, 1961 (hereinafter referred to as the "Act") for the A.Y. 2017-18.

Citation :
I.T.A. No. 664/VIZ/2019

IN THE INCOME TAX APPELLATE TRIBUNAL
VISAKHAPATNAM BENCH, VISAKHAPATNAM
(Through web-based video conferencing platform)

BEFORE SHRI N.K. CHOUDHRY, HON’BLE JUDICIAL MEMBER &
SHRI D.S. SUNDER SINGH, HON'BLE ACCOUNTANT MEMBER

I.T.A. No. 573/VIZ/2019
(Asst. Year : 2017-18)

ACIT, Central Circle-2,
Guntur.
(Appellant)

vs.

M/s. Deccan Jewellers Pvt.
Ltd., D.No. 27-16-65,
Besant Road, Governorpet,
Vijayawada.
PAN No. AACCD 1524 H
(Respondent)

I.T.A. No. 664/VIZ/2019
(Asst. Year : 2017-18)

M/s. Deccan Jewellers Pvt.
Ltd., D.No. 27-16-65,
Besant Road, Governorpet,
Vijayawada.
PAN No. AACCD 1524 H
(Applicant)

vs.

ACIT, Central Circle-2,
Guntur.
(Respondent)

Assessee by : Shri M.V. Prasad, FCA.
Department by : Shri D.K. Sonawal, CIT DR

Date of hearing : 11/02/2021.
Date of pronouncement : 11/02/2021.

O R D E R

Per N.K. Choudhry, Judicial Member:

These cross appeals have been preferred by the Revenue and the assessee against the order dated 19/07/2019 impugned herein passed by the ld. CIT(A)-3, Visakhapatnam u/sec. 250(6)of the Income Tax Act, 1961 (hereinafter referred to as the "Act") for the A.Y. 2017-18.

2. The assessee has preferred an application under consideration dated 28/01/2021 for withdrawal of the appeals.

3. At the outset, ld.AR has submitted that since assessee hasavailed the immunity scheme i.e. Vivad Se Vishwas under theDirect Tax Vivad se Vishwas Act, 2020 and the Income TaxDepartment has issued Form No.5, dated 31/12/2020 inresponse to the application filed by the assessee under thescheme, therefore appeal of the assessee may be allowed to bedismissed as withdrawn and also requested to dismiss the appeal of the Revenue as infructuous.

4. The Ld. DR has raised no objection, if the appeal of theassessee is allowed to be dismissed as withdrawn and also appeal of the Revenue may be dismissed as infructuous.

5. Having heard both the parties and perused the application for withdrawal of the appeals and Form No.3 (Copy already onrecord) issued by the Department. Considering the facts andcircumstances of the case, the appeal of the assessee is liable tobe dismissed as withdrawn and the appeal of the Revenue is also liable to be dismissed as infructuous, hence ordered accordingly.

6. In the result, appeal of the Revenue stands dismissed as infructuous and appeal of the assessee stands dismissed as withdrawn.

Order Pronounced in open Court on this 11th day of Feb., 2021.

sd/- sd/-
(D.S.SUNDER SINGH) (N.K.CHOUDHRY)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: 11t h February, 2021.
vr/-

Copy to:
1. The Assessee – M/s. Deccan Jewellers Pvt. Ltd., D.No.
27-16-65, Besant Road, Governorpet, Vijayawada.
2. The Revenue – ACIT, Central Circle-2, Guntur.
3. The Pr.CIT (Central), Visakhapatnam.
4. The CIT(A)-3, Visakhapatnam.
5. The D.R ., Visakhapatnam.
6. Guard file.

By order

(VUKKEM RAMBABU)
Sr. Private Secretary,
ITAT, Visakhapatnam.