BANNARI AMMAN SUGARS LIMITED,COIMBATORE V. ACIT CENTRAL CIRCLE 3(2), CHENNAI

ITA 3308/CHNY/2024

AI Insights

M/s. Bannari Amman Sugars Ltd. filed an appeal against the order of the Learned Commissioner of Income Tax (Appeals), Chennai, for the Assessment Year 2016-17. The appeal was related to the scrutiny assessment and subsequent additions made by the Assessing Officer, which were partially confirmed by the CIT(A). However, the appellant decided to withdraw the appeal, submitting an application under the Vivad Se Vishwas Act, 2024, which was accepted by the Principal Commissioner of Income Tax-1, Chennai. Consequently, the tribunal dismissed the appeal as withdrawn.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 705214 (ITAT-CHENNAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-07-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Assessment Year: 2016-2017
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SHIVA SRINIVAS
• Assessee Lawyers: VIJAYARAGHAVAN
• Section: 143(3); 115JB

Judgement Text

"आयकर अपीलीय अिधकरण, ‘बी’ \u0001यायपीठ, चे ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI \u0001ी एबी टी. वक , ाियक सद\u0011 एवं एवं एवं एवं \u0001ी जगदीश, लेखा सद क े सम\u0015 BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.3308/Chny/2024 िनधा\u000eरणवष\u000e/Assessment Year: 2016-17 M/s. Bannari Amman Sugars Ltd., 1212, Trichy Road, Coimbatore-641 018. v. The ACIT, Central Circle-3(2), Chennai. [PAN: AAACB 8933 G] (अपीलाथ\u0016/Appellant) (\u0017\u0018यथ\u0016/Respondent) अपीलाथ\u0016 क\u001a ओर से/ Appellant by : Mr. Vijayaraghavan, Advocate & Mr. Vikram Vijayaraghavan, Advocate (Virtual) \u0017\u0018यथ\u0016 क\u001a ओर से /Respondent by : Mr. Shiva Srinivas, CIT सुनवाईक\u001aतारीख/Date of Hearing : 27.06.2025 घोषणाक\u001aतारीख /Date of Pronouncement : 04.07.2025 आदेश / O R D E R PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), (hereinafter referred to as ‘Ld.CIT(A)‘), Chennai-20, dated 30.10.2024 for the Assessment Year (hereinafter referred to as ‘AY‘) 2016-17. ITA No.3308/Chny/2024 (AY 2016-17) M/s. Bannari Amman Sugars Ltd. :: 2 :: 2. At the outset, the Ld.Counsel for the assessee brought to our notice that the assessee submitted an application dated 26.05.2025 seeking withdrawal of appeal, contents of which are reproduced as under: BASL/AC/IT/2025 26.05.2025 The Assistant Registrar, B Bench, The Income Tax Appellate Tribunal, A-3, II Floor, Rajaji Bhavan, Besant Nagar, Chennai - 600090 Sir, Sub: Bannari Amman Sugars Limited (\"the Appellant Company\") AAACB8933G AY.2016-17 - Withdrawal of Appeal - ITAT, Chennai - Appeal No:ITA 3308/CHNY/2024, The Appellant Company has filed the return of income for the year ended 31.3.2016 relevant to AY 2016-17 on 29.11.2016 declaring total loss of Rs.48,43,15,684 under normal provisions of the Act and Book Profit of Rs.29,75,36,297 under section 115JB of the Income Tax Act, 1961 (the Act). The Appellant Company has been selected for scrutiny assessment and the assessment proceedings has been completed vide order u/s 143(3) of the Act dated 26.12.2018 with the addition of Rs. 18,17,95,111. The Appellant has filed an appeal before Commissioner of Income Tax (Appeals), vide Form 35 on 25.01.2019. The CIT(Appeals), on considering the written submissions, had issued the order u/s 250 of the Act dated 30.10.2024 deleted the addition of Rs.84,15,448 and confirmed the remaining addition made by the Assessing Officer. Subsequently, the Appellant Company has also filed an appeal before ITAT, Chennai vide Form 36 against the CIT(A) order dated 24.12.2024. Subsequently, the Appellant Company, on considering the time and pending litigation, has filed a declaration and undertaking vide Form 1 under Vivad Se Vishwas Act, 2024 on 29.01.2025 against the appeal filed before CIT(A) as per FAQ No.36 of Circular 19 of 2024 dated 16.12.2024. The Principal Commissioner of Income Tax-1, Chennai had accepted the Form 1 filed and issued the Certificate in Form - 2 dated 01.05.2025. Hence, in these circumstances the appeal filed by the Appellant Company vide ITAT Appeal No. ITA 3308/CHNY/2024 may be disposed of as withdrawn. Thanking You Yours Faithfully For BANNARI AMMAN SUGARS LIMITED Sd/- S V BALASUBRAMANIAM CHAIRMAN DIN: 00002405 ITA No.3308/Chny/2024 (AY 2016-17) M/s. Bannari Amman Sugars Ltd. :: 3 :: 3. In the light of the above application seeking withdrawal of captioned appeal filed by assessee, and there is no objection from the Revenue, the assessee is allowed to withdraw the appeal. 4. In the result, appeal filed by the assessee is dismissed as withdrawn. Order pronounced on the 04th day of July, 2025, in Chennai. Sd/- Sd/- (जगदीश) (JAGADISH) लेखा सद /ACCOUNTANT MEMBER (एबी टी. वक ) (ABY T. VARKEY) \u0001याियक सद\bय/JUDICIAL MEMBER चे ई/Chennai, !दनांक/Dated: 04th July, 2025. TLN आदेश क\u001a \u0017ितिलिप अ$ेिषत/Copy to: 1. अपीलाथ\u0010/Appellant 2. \u0011\u0012थ\u0010/Respondent 3. आयकरआयु\u0018/CIT, Chennai / Madurai / Salem / Coimbatore. 4. िवभागीय\u0011ितिनिध/DR 5. गाड फाईल/GF "