MGN AGRO PROPERTIES PVT. LTD. (SUCCESSOR IN INTEREST TO M/S. WELSPUN FINTRADE PVT. LTD.), MUMBAI DCIT- 8 (3)(2), MUMBAI

Last updated: 02 March 2021

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MGN Agro Properties Pvt. Ltd. has had its appeal dismissed as withdrawn by the Income Tax Appellate Tribunal. The company applied for settlement under the Direct Tax Vivad se Vishwas Act, 2020, and received a certificate confirming its eligibility. The Tribunal allowed the withdrawal, with the condition that the appeal could be restored if the settlement was not finalised.

Court :
ITAT Mumbai

Brief :
The present appeal filed by the assessee is directed against the order passed by the CIT(A)-14, Mumbai, which in turn arises from the assessment order passed by the A.O under Sec. 143(3) of the Income-tax Act, 1961, dated 30.11.2016 for assessment year 2014-15.

Citation :
ITA 2904/MUM/2018

IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH “G” MUMBAI

BEFORE SHRI MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) AND
SHRI RAVISH SOOD (JUDICIAL MEMBER)

ITA No. 2904/MUM/2018
(Assessment Year: 2014-15)

M/s MGN Agro Properties Pvt. Ltd,
(Successor in Interest to M/s Welspun Pvt. Ltd.)
Wing-B, 9th Floor, Trade World,
Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013
PAN No. AAACW2877J
(Assessee)

Vs.

DCIT-8(3)(2),
Room No. 615,
Aayakar Bhavan, M.K. Road,
Mumbai – 400 020
(Revenue)

Assessee by : Shri Poojan Mehta, A.R
Revenue by : Shri T.S. Khalsa, D.R

Date of Hearing : 11/02/2021
Date of pronouncement : 11/02/2021

ORDER

PER RAVISH SOOD, J.M:

The present appeal filed by the assessee is directed against the order passed by the CIT(A)-14, Mumbai, which in turn arises from the assessment order passed by the A.O under Sec. 143(3) of the Income-tax Act, 1961, dated 30.11.2016 for assessment year 2014-15.

2. The assessee has filed a letter on 09 th February, 2021, wherein it is stated that it had filed an application under the Direct Tax Vivad se Vishwas Act, 2020 in order to settle the aforesaid matter pending before the Tribunal and has received the certificate under sub-section (1) of Sec. 5 of Direct Tax Vivad se Vishwas Act, 2020 from the designated authority. In support of its aforesaid claim theassessee had enclosed alongwith its letter ‘Form 3’ issued by the designated authority. It is stated by the assessee that in the backdrop of the aforesaid facts the captioned appeal may allowed to be withdrawn.

3. The ld. D.R did not controvert the aforesaid factual position as was canvassed before us.

4. In view of the above, we dismiss the appeal as withdrawn, subject to a rider that in the unlikely event of the matter not being resolved under the Vivad se Vishwas scheme the assessee shall have liberty to approach the Tribunal for restoration of its appeal.

5. Resultantly, the appeal is dismissed as withdrawn subject to the observation recorded hereinabove.

Order pronounced in the open court on 11/02/2021.

Sd/- Sd/-
(Manoj Kumar Aggarwal) (Ravish Sood)
ACCOUNTANT MEMBER JUDICIAL MEMBER

Mumbai;Dated: 11.02.2021
PS: Rohit

Copy of the Order forwarded to :
1. The Appellant
2. The Respondent.
3. The CIT(A)-
4. CIT
5. DR, ITAT, Mumbai
6. Guard file.

BY ORDER,
//True Copy//
(Sr. Private Secretary)
ITAT, Mumbai

FAQ :

The appeal was against an order passed by the CIT(A)-14, Mumbai, which stemmed from an assessment order by the A.O under Section 143(3) of the Income-tax Act, 1961, for the assessment year 2014-15.

The appeal was dismissed as withdrawn because MGN Agro Properties filed an application under the Direct Tax Vivad se Vishwas Act, 2020, to settle the matter and received the necessary certificate.

It is an act that provides a scheme for the settlement of tax disputes.

In the unlikely event that the matter is not resolved under the Vivad se Vishwas scheme, the assessee has the liberty to approach the Tribunal for the restoration of its appeal.