DEPUTY COMMISSIONER OF INCOME TAX, RAIPUR V. SHREYANS FINVEST PVT. LTD., RAIPUR

ITA 217/RPR/2024

AI Insights

The case involves the Deputy Commissioner of Income Tax, Raipur, as the appellant, and Shreyans Finvest Pvt. Ltd., as the respondent. The appeal by the revenue was directed against the order passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Center, Delhi. The core of the dispute arose from an order under Section 143(3) of the Income-tax Act, 1961, for the assessment year 2017-18. The respondent company opted for the Vivad Se Vishwas Scheme, 2024, to resolve the dispute, which led to the filing of 'Form-1'. The Departmental Representative acknowledged the company's application for the scheme but noted that the final settlement order in 'Form 4' had not yet been issued. Consequently, the tribunal allowed the withdrawal of the appeal with a condition for revival if the settlement was not finalized.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 469807 (ITAT-RAIPUR)
• Duration Of Justice: 6 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-11-2024
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 18-11-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 15-05-2024
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MOHAL AGRAWAL
• Assessee Lawyers: DIMPLE WARLYWANI

Judgement Text

"आयकर अपीलȣय अͬधकरण Ûयायपीठ रायपुर मɅ। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No. 217/RPR/2024 Ǔनधा[रण वष[ / Assessment Year : 2017-18 The Deputy Commissioner of Income Tax Raipur (C.G.) .......अपीलाथȸ / Appellant बनाम / V/s. Shreyans Finvest Pvt. Ltd. 28, Vivekanad Nagar, Raipur-492 001 PAN: AAICS0110Q ……Ĥ×यथȸ / Respondent Assessee by : Ms. Dimple Warlywani, CA Revenue by : Shri Mohal Agrawal, Sr. DR सुनवाई कȧ तारȣख / Date of Hearing : 18.11.2024 घोषणा कȧ तारȣख / Date of Pronouncement : 19.11.2024 2 DCIT, Raipur Vs. Shreyans Finvest Pvt. Ltd. ITA No. 217/RPR/2024 आदेश / ORDER PER RAVISH SOOD, JM: The present appeal filed by the revenue is directed against the order passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Center (NFAC), Delhi, dated 22.03.2024, which in turn arises from the order passed by the A.O under Sec.143(3) of the Income- tax Act, 1961 (in short ‘the Act’) dated 21.12.2019 for the assessment year 2017-18. 2. Ms. Dimple Warlywani, Ld. Authorized Representative (for short ‘AR’) for the assessee company at the threshold filed a letter dated 18.11.2024. The Ld. AR submitted that the assessee company/respondent had opted for Vivad Se Vishwas Scheme, 2024 (VSVS 2024) in order to settle the dispute involved in the present appeal. The Ld. AR submitted that the assessee company/respondent had successfully filed “Form-1” as per Rule 4 of the Direct Tax Vivad Se Viswas 2024 (DTVSV 2024). The Ld. AR in order to buttress her aforesaid claim had drawn our attention to the copy of the “Form-1” that was filed by the assessee company/respondent with the appropriate authority. The Ld. AR submitted that as the assessee company had opted for VSVS 2024, therefore, the present appeal of the revenue having been rendered as infructuous requires to be dismissed as withdrawn. 3 DCIT, Raipur Vs. Shreyans Finvest Pvt. Ltd. ITA No. 217/RPR/2024 3. Per contra, Shri Mohal Agrawal, Ld. Departmental Representative ( for short ‘DR’) submitted that though the assessee company had opted for VSVS 2024 to settle the dispute permanently but as the order for full and final settlement of tax arrears in “Form 4” had yet not been issued by the designated authority, therefore, the assessee’s request for withdrawal of the appeal be accepted subject to a rider that if for any reason the matter is not finally settled then the appeal filed by the revenue would stand revived. 4. We have thoughtfully considered the contentions of the Ld. Authorized Representatives of both the parties. Although the assessee has filed a declaration in “Form-1” of the VSVS 2024 but the order for full and final settlement of tax arrears by the Designated Authority had yet not been passed. We, thus, considering the aforesaid factual position allow the appeal filed by the revenue to be withdrawn subject to a rider that in case, the order for full and final settlement of tax arrears in “Form 4” is not passed by the designated authority, then the appeal filed by the revenue shall stand revived. 4 DCIT, Raipur Vs. Shreyans Finvest Pvt. Ltd. ITA No. 217/RPR/2024 5. Resultantly, the appeal filed by the revenue is dismissed as withdrawn in terms of our aforesaid observations. Order pronounced in open court on 19th day of November, 2024. Sd/- Sd/- ARUN KHODPIA RAVISH SOOD (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) रायपुर/ RAIPUR ; Ǒदनांक / Dated : 19th November, 2024. **SB, Sr. PS आदेश कȧ ĤǓतͧलͪप अĒेͪषत / Copy of the Order forwarded to : 1. अपीलाथȸ / The Appellant. 2. Ĥ×यथȸ / The Respondent. 3. The CIT(Appeals)-1, Raipur (C.G.) 4. The Pr. CIT, Raipur-1 (C.G) 5. ͪवभागीय ĤǓतǓनͬध, आयकर अपीलȣय अͬधकरण, रायपुर बɅच, रायपुर / DR, ITAT, Raipur Bench, Raipur. 6. गाड[ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलȣय अͬधकरण, रायपुर / ITAT, Raipur. "