Neharaj stocks appeals stand dismissed as withdrawn, as it opts for VVS scheme

Last updated: 18 January 2021

Save Share

Quick Summary

The Income Tax Appellate Tribunal has dismissed the appeal filed by M/s Neharaj Stock Brokers Pvt. Ltd. The company chose to withdraw its appeal to avail the benefits of the 'Viwad Se Vishwas Scheme, 2020'. The Tribunal has granted the assessee liberty to revive the appeal if their application under the scheme is not accepted.

Court :
ITAT Mumbai

Brief :
This appeal by the assessee is directed against the order ofCommissioner of Income Tax (Appeals)-2, Mumbai [in short ‘the CIT(A)’] dated 07.01.2019 for the Assessment year 2009-10.2. Shri N.K. Sharma appearing on behalf of the assessee stated at Bar that the assessee has opted for ‘Viwad Se Vishwas Scheme, 2020’ (in short ‘VSVS’), therefore, the assessee may be permitted to withdraw the appeal with liberty to revive the appeal if the application made under VSVS is not accepted.

Citation :
ITA No. 391/Mum/2019

IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI

BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER

ITA No. 391/Mum/2019
Assessment Years 2009-10)

M/s Nehraj Stock Brokers Pvt .
Ltd .
51 , Advent , 12A, Jagannath
Bhosale Marg, Nariman Point ,
Mumbai
Appellant)

Vs.

The Dy. Commissioner o f
Income Tax , Circle 4(2) ,
Mumbai
Respondent)
PAN No. AABCN4279L

Appellant by : Shri N.K. Sharma, AR
Respondent by : Ms. Shreekala Pardeshai, DR

Date of hearing: 28 .12 .2020
Date of pronouncement: 28 .12 .2020

O R D E R

This appeal by the assessee is directed against the order ofCommissioner of Income Tax (Appeals)-2, Mumbai [in short ‘the CIT(A)’] dated 07.01.2019 for the Assessment year 2009-10.2. Shri N.K. Sharma appearing on behalf of the assessee stated at Bar that the assessee has opted for ‘Viwad Se Vishwas Scheme, 2020’ (in short ‘VSVS’), therefore, the assessee may be permitted to withdraw the appeal with liberty to revive the appeal if the application made under VSVS is not accepted.

3. Ms. Shreekala Pardeshai, representing the Department stated that the Department has no objection if the assessee wants to withdraw the appeals to avail the benefit of ‘VSVS’.

4. In view of above request, the assessee is allowed to withdraw the appeal. Thus, the appeal of assessee is dismissed as withdrawn.

5. Liberty is granted to the assessee to revive the appeals in theevent application filed by the assessee under VSVS fails to mature. Itis further made clear that if the assessee /appellant seeks to restorethe appeal in the event assessee’s declaration made under VSVS is notaccepted, the Registry shall not insist for filing of application forcondonation of delay, if the Miscellaneous Application for recalling theorder is filed beyond time on account of delay in communication ofoutcome under VSVS. [ Re. M/s. Nannusamy Mohan(HUF) vs. ACIT in T.C.A No.372 of 2020 decided on 16/10/2020 by Hon’ble Madras High
Court].

6. The appeal is dismissed as withdrawn with the liberty aforesaid.

Order pronounced in the open court on Monday, the 28th day of December, 2020.

Sd/-
VIKAS AWASTHY)
UDICIAL MEMBER)

Mumbai, Dated: 28.12.2020
Sudip Sarkar, Sr.PS

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,
(Asstt. Registrar)
ITAT, Mumbai