ADITI DILIP SHETE ,MUMBAI V. ITO WARD 21(1)(1), MUMBAI

ITA 12/MUM/2025

AI Insights

The case involves Aditi Dilip Shete, the appellant, who contested the order of the CIT(A), National Faceless Appeal Centre, which confirmed the additions made by the Assessing Officer to her income for the Assessment Year 2011-12. The additions included unexplained cash credits and unexplained expenditure related to the sale of shares. The Tribunal noted the assessee's decision to resolve the dispute under the 'Vivad Se Vishwas Scheme-2024' and dismissed the appeal accordingly, allowing for the possibility of reviving the appeal based on the outcome of the scheme application.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 314264 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-05-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2011-2012
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Unexplained expenditure
• Section: 143(3)

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL “H (SMC)” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No. 12/MUM/2025 Assessment Year: 2011-12 Aditi Dilip Shete, 34, Karolia Trust Building, Gokhale Road, Dadar, Mumbai – 400 025 (PAN : AZMPS5871Q) Vs. Income Tax Officer, Ward 21(1)(1), Mumbai (Assessee) (Respondent) Present for: Assessee : Shri Akhilesh Deshmukh, Advocate Revenue : Shri S. S. Bhagwat, Sr. DR Date of Hearing : 06.05.2025 Date of Pronouncement : 08.05.2025 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC), vide order no. ITBA/NFAC/S/250/2024-25/1070148199(1), dated 16.01.2024 passed against the assessment order by Income tax Officer-21(1)(1), Mumbai, u/s. 143(3) r.w.s. 147 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), dated 24.12.2018 for Assessment Year 2011-12. 2 ITA No.12/MUM/2025 Aditi Dilip Shete., AY 2011-12 2. Grounds taken by the assessee are reproduced as under: “The CIT(A) has erred in confirming the order of the Assessing Officer (AO) Rs. 26,25,171/-/- instead of Rs. 6,98,307/- as returned by the appellant 'a' without considering the facts and circumstance of the case and in law. The CIT(A) has erred in confirming the addition made by the AO of Rs. 18,35,109/- u/s.68 for unexplained cash credits (penny stock) relating to sale of shares of M/s. Vas Infrastructure Limited without considering the facts and circumstances of the case and in law The CIT(A) has erred in confirming the addition made by the AO of Rs. 91,755/- u/s.69C as unexplained expenditure relating to 5% of sale of shares Rs. 18,35,109/- without considering the facts and circumstances of the case and in law.” 3. Brief facts of the case are that assessment was completed by making addition of Rs.19,26,864/- to the returned income of the assessee. Aggrieved, assessee filed an appeal before the ld. CIT(A) on 02.02.2019, who confirmed the same. Aggrieved, assessee is in appeal before the Tribunal. 4. At the outset, we note that assessee placed on record a written submission dated 06.05.2025, wherein she opted to resolve the dispute in this appeal under ‘Vivad Se Vishwas Scheme-2024’ (VSV, 2024 scheme) and sought adjournment. 5. Ld. DR also does not have any objection if the assessee is availing the VSVS scheme and the appeal is dismissed as withdrawn. Considering the facts on record after, after rejecting the request for adjournment, we find it appropriate to dismiss the appeal as withdrawn, pursuant to the option availed by assessee for resolving 3 ITA No.12/MUM/2025 Aditi Dilip Shete., AY 2011-12 the dispute in the appeal under VSV, 2024. Accordingly, appeal of the assessee is dismissed with a liberty to restore / revive the appeal, in case the application for ‘Vivad Se Vishwas Scheme-2024’ do not materialize or is not accepted by the department. 6. In the result, appeal of the assessee is dismissed as withdrawn. Order is pronounced in the open court on 08 May, 2025 Sd/- Sd/- (Pawan Singh) (Girish Agrawal) Judicial Member Accountant Member Dated: 08 May, 2025 MP, Sr.P.S. Copy to : 1. The Assessee 2. The Respondent 3. DR, ITAT, Mumbai 4. 5. Guard File CIT BY ORDER, (Dy./Asstt.Registrar) ITAT, Mumbai "