ACIT., CIRCLE-5(1), HYDERABAD V. PIONEER ALUMINIUM INDUSTRIES LIMITED, HYDERABAD

ITA 881/HYD/2024

AI Insights

The case involves cross-appeals by Pioneer Aluminium Industries Limited and the ACIT, Circle-1(1), Hyderabad, concerning penalty and quantum orders for the assessment year 2016-2017. The Assessee opted for the Direct Taxes Vivad Se Vishwas Scheme, 2024, leading to the withdrawal of their appeal against the penalty. Concurrently, the Revenue's appeal against the quantum addition was also rendered moot following the Assessee's settlement under the same scheme, which resulted in no tax payable.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 38120 (ITAT-HYDERABAD)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2025
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-B
• Assessment Year: 2016-2017
• Laws Referred To: Direct Taxes Vivad Se Vishwas Scheme, 2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M NARMADA
• Assessee Lawyers: A.V.RAGHURAM

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD “B” BENCH : HYDERABAD BEFORE SHRI MANJUNATHA G, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA.No.20/Hyd/2024 Assessment Year 2016-2017 Pioneer Aluminium Industries Limited, Hyderabad. PAN AAGCA2333M vs. The ACIT, Circle-1(1), Hyderabad. (Appellant) (Respondent) ITA.No.881/Hyd/2024 Assessment Year 2016-2017 The ACIT, Circle-1(1), Hyderabad. vs. Pioneer Aluminium Industries Limited, Hyderabad. PAN AAGCA2333M (Appellant) (Respondent) For Assessee : Shri A.V. Raghuram, Advocate For Revenue : MS. M Narmada, CIT-DR Date of Hearing : 16.01.2025 Date of Pronouncement : 04.03.2025 ORDER PER MANJUNATHA G, A.M. : The above cross-appeals are filed by the Assessee and Revenue against the penalty and quantum orders of the 2 ITA.No.20 & 881/Hyd./2024 learned CIT(A)-National Facelss Appeal Centre [in short “NFAC”], Delhi, dated 22.12.2023 dated 10.07.2024, respectively, relating to the assessment year 2016-2017. 2. Learned Counsel for the Assessee, at the very outset, submitted that the assessee has availed Direct Taxes Vivad Se Vishwas Scheme, 2024 for the quantum appeal and the Designated Authority has issued Form No.2 and accepted the application filed by the assessee in Form No.1. In view of the above, the assessee vide letter dated 27.02.2025 seeks permission of the Tribunal to withdraw the appeal in ITA.No.20/Hyd./2024 and further stated that since the assessee has availed Direct Taxes Vivad Se Vishwas Scheme, 2024 and the Designated Authority has issued Form No.2, the appeal filed by the Revenue ITA.No.881/Hyd./2024 does not survive. 3. The Learned DR, on the other hand, did not object to the factual position. 4. We have heard the rival submissions of both the parties and perused the relevant Form No.2 and letter dated 3 ITA.No.20 & 881/Hyd./2024 27.02.2025 filed by the assessee for withdrawal of the appeal and we find that, assessee has settled the dispute under Direct Taxes Vivad Se Vishwas Scheme, 2024 by filing Form No.1 dated 29.01.2025 and the Designated Authority has issued Form No.2 dated 27.02.2025 and determined the tax payable at Rs.NIL. Since the assessee has settled the dispute under Direct Taxes Vivad Se Vishwas Scheme, 2024 and filed memo for withdrawal of the appeal, in our considered view, the appeal filed by the Revenue ITA.No.881/Hyd./2024 against the quantum addition made by the Assessing Officer and the appeal filed by the assessee ITA.No.20/Hyd./2024 against the penalty levied by the Assessing Officer and confirmed by the learned CIT(A) are dismissed as “withdrawn”. 5. In the result, appeal of the Assessee ITA.No.20/Hyd./2024 and appeal of the Revenue ITA.No.881/Hyd./2024 are dismissed. A copy of this common order be placed in the respective case files. 4 ITA.No.20 & 881/Hyd./2024 Order pronounced in the open Court on 04.03.2025. Sd/- Sd/- [K. NARASIMHA CHARY] [MANJUNATHA G] JUDICIAL MEMBER ACCOUNTANT MEMBER Hyderabad, Dated 04th March, 2025 VBP Copy to 1. Pioneer Aluminium Industries Limited, Plot No.705, Lakshmi Nivas, Road No.3, Banjara Hills, Hyderabad. PIN – 500 034. Telangana. 2. The ACIT, Circle-1(1), IT Towers, AC Guards, Masab Tank, Hyderabad – 500 004. 3. The Pr. CIT, Hyderabad. 4. The DR ITAT “B” Bench, Hyderabad 5. Guard File //By Order// //True Copy// Sr. Private Secretary : ITAT : Hyderabad Benches, Hyderabad. "