The Diamond Jubilee Co-Op. Bank Ltd.,(Under Liquidation), Surat V. DCIT Circle 1(3), Surat

ITA 147/SRT/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 4025 (ITAT-SURAT)
• Duration Of Justice: 2 year(s) 2 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 15-03-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANUPMA SINGLA
• Keywords: Liquidation
• Section: 143(3)

Judgement Text

ITA NO.147/SRT/2019 THE DIAMOND JUBILEE CO.OP BANK LTD., (AY: 2014-15) 1 IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA NO.147/SRT/2019 (AY 2014-15) (H EARING IN VIRTUAL COURT) THE DIAMOND JUBILEE CO.OP. BANK LTD., (UNDER LIQUIDATION) UPPER GROUND, GANGA PALACE, OPP. KALYAN JEWELLERS, GHOD DOD ROAD, SURAT. PAN : AAAAT 2802 N V THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(3), SURAT. APPLICANT RESPONDENT ASSESSEE BY SHRI AKSHAY MODI CA REVENUE BY MS. ANUPMA SINGLA SR. DR DATE OF HEARING 21.05.2021 DATE OF PRONOUNCEMENT 21.05.2021 ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER : 1. THIS APPEAL BY ASSESSEE IS DIRECTED AGAINST THE ORDERS OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-2, SURAT, DATED 27.07.2017, WHICH IN TURN ARISE FROM THE ASSESSMENT ORDER UNDER SECTION 143(3) R.W.S 147 OF THE ACT ON 31.12.2016 FOR ASSESSMENT YEAR (AY) 2014-15. THE APPEAL CAME UP HEARING ON 21 ST MAY 2021. THE LEARNED AUTHORISED REPRESENTATIVE (AR) FOR THE ASSESSEE SUBMITS THAT THE ASSESSEE HAS AVAILED THE BENEFITS OF VIVAD SE VISVAS SCHEME -2020 (VSV-20) AND HAS SETTLED THE DISPUTE WITH DEPARTMENT AND HAS RECEIVED FORM- 3 OF VSV-20 AND THIS APPEAL MAY BE DISMISSED AS WITHDRAWN. THE LD AR FOR ITA NO.147/SRT/2019 THE DIAMOND JUBILEE CO.OP BANK LTD., (AY: 2014-15) 2 THE ASSESSEE ALSO FILED THE COPY OF FORM-3 OF VSV-20 BEARING ACKNOWLEDGEMENT NO. 345798210280421. THE LD.AR FOR THE ASSESSEE PRAYED FOR WITHDRAWAL OF APPEAL. 2. ON THE OTHER HAND THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (SR DR) SUBMITS THAT SHE HAS NO OBJECTION IF THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 3. WE HAVE CONSIDERED THE SUBMISSIONS OF LD. REPRESENTATIVE OF BOTH THE PARTIES. AND CONSIDERING THE FACT ASSESSEE THAT THE ASSESSEE HAS SETTLED THE DISPUTE WITH THE DEPARTMENT UNDER VSV-20, AND HAS RECEIVED FORM-3 OF VSV -20, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN WITH LIBERTY TO THE ASSESSEE AS WELL AS TO THE REVENUE THAT IN CASE, IF THE APPLICATION PREFERRED BY THE ASSESSEE UNDER VSV-20 DOES NOT GET FINALLY SETTLED FOR ANY REASON WHATSOEVER, THEN BOTH THE PARTIES ARE AT LIBERTY TO PREFER MISCELLANEOUS APPLICATION BEFORE THIS TRIBUNAL FOR RESTORATION OF THIS APPEAL AND IN SUCH EVENT, THE APPEALS SHALL GET RESTORED. THE ASSESSING OFFICER IS DIRECTED TO PASS CONSEQUENTIAL ORDER AS PER CBDT CIRCULAR NO. 3/2021 DATED 04.03.2021. IN THE RESULT, APPEAL OF THE ASSESSEE DISMISSED AS WITHDRAWN. ORDER ANNOUNCED AT THE TIME OF HEARING OF APPEAL ON 21 ST MAY, 2021 IN THE VIRTUAL COURT HEARING. SD/- SD/- (DR ARJUN LAL SAINI) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER SURAT, DATED: 21/05/2021 / #SGR ITA NO.147/SRT/2019 THE DIAMOND JUBILEE CO.OP BANK LTD., (AY: 2014-15) 3 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR TRUE COPY/ BY ORDER / / TRUE COPY / / ASSISTANT REGISTRAR, ITAT, SURAT