M/s. The Merchants Liberal Co-operative Bank Limited, Gadag V. The Director Of Income Tax (Intelligence and Criminal Investigations), Bangalore

ITA 1556/BANG/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 6054 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 3 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-09-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 29-09-2020
• Assessment Year: 2009-2010
• Appeal Filed On: 28-06-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R PREMI

Judgement Text

ITA NOS.1556 TO 1559/BANG/2019 THE MERCHANTS LIBERAL CO-OP. BANK LTD., GADAG IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUTANT MEMBER ITA NOS.1556 TO 1559/BANG/2019 ASSESSMENT YEAR: 2009-10 & 2013-14 TO 2015-16 RESPECTIVELY THE MERCHANTS LIBERAL C- OPERATIVE BANK LTD. HATTIKALKOOT BASAVESHWAR CIRCLE MAKAN GALLI GADAG-582 101 PAN NO : AABAT4389F VS. THE DIRECTOR OF INCOME TAX (INTELLIGENCE AND CRIMINAL INVESTIGATION) BANGALORE APPELLANT RESPONDENT A PPELLANT BY : SHRI SANDEEP C. A.R. RESPONDENT BY : SMT. R. PREMI, D.R. DATE OF HEARING : 29.09.2020 DATE OF PRONOUNCEMENT : 29.09.2020 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER: THE ASSESSEE HAS FILED THESE APPEALS CHALLENGING T HE ORDERS PASSED BY LD CIT(A)-13, BENGALURU CONFIRMING THE PE NALTY LEVIED U/S 271FA OF THE INCOME-TAX ACT,1961 ['THE ACT' FOR SHO RT] FOR ASSESSMENT YEARS 2009-10, 2013-14 TO 2015-16. 2. THE AUTHORISED REPRESENTATIVE OF THE ASSESSE E HAS FURNISHED A LETTER DATED 29 ND DAY OF SEPTEMBER, 2020, WHEREIN IT IS STATED THAT THE ASSESSEE IS SERIOUSLY CONTEMPLATING TO SETTLE T HE DISPUTES OF THE PRESENT APPEALS UNDER DIRECT TAX VIVAD SE VISHWAS A CT, 2020 AND IS ITA NOS.1556 TO 1559/BANG/2019 THE MERCHANTS LIBERAL CO-OP. BANK LTD., GADAG PAGE 2 OF 3 IN THE PROCESS OF FILING APPLICATIONS UNDER THE ABO VE SAID SCHEME. ACCORDINGLY, THE ASSESSEE HAS SOUGHT FOR ADJOURNMEN T OF THE APPEALS. 3. THE LD D.R, HOWEVER, SUBMITTED THAT THE ASSES SEE HAS TO WITHDRAW THE PENDING APPEALS AFTER FILING FORM VSV1 AS PER VIVAD SE VISHWAS ACT, 2020. THEREAFTER, THE ASSESSEE IS REQ UIRED TO FURNISH A COPY OF THE SAME ALONG WITH THE PROOF OF PAYMENT OF TAX AS DETERMINED BY THE TAX OFFICIAL TO THE DEPARTMENT. HE SUBMITTE D THAT THE FORM NO.3 SHALL BE ISSUED TO THE ASSESSEE IN DUE COURSE AND ACCORDINGLY HE SUBMITTED THAT THE APPEALS OF THE ASSESSEE MAY B E DISMISSED, AS THE ASSESSEE, IN ANY WAY, IS REQUIRED TO WITHDRAW T HESE APPEALS AFTER FILING NECESSARY APPLICATIONS UNDER DIRECT TAX VIVA D SE VISHWAS ACT, 2020. 4. THE LD A.R, IN THE REJOINDER, SUBMITTED THA T THE ASSESSEE SHOULD BE GIVEN LIBERTY TO SEEK RECALL OF THE ORDER, IF TH E APPEALS ARE DISMISSED BY THE BENCH. 5. WE HEARD THE PARTIES AND PERUSED THE RECORD. SINCE THE ASSESSEE IS SERIOUSLY CONTEMPLATING TO SETTLE THE DISPUTE UN DER DIRECT TAX VIVAD SE VISHWAS ACT, 2020, WE ARE OF THE VIEW THAT NO PURPOSE WILL BE SERVED IN KEEPING THESE APPEALS PENDING. ACCOR DINGLY WE DISMISS THE APPEALS OF THE ASSESSEE AS WITHDRAWN. 6. SINCE THE LD A.R OF THE ASSESSEE HAS SOUGHT ADJOURNMENT, IT APPEARS THAT THE ASSESSEE WANTS TO MAKE SURE THAT T HE TAX LIABILITY MENTIONED BY HIM IN FORM NO.1 SHOULD GET CONFIRMED BY THE REVENUE. UNDER THESE SET OF FACTS, SINCE WE HAVE DISMISSED T HE APPEALS, THE ASSESSEE IS GIVEN LIBERTY TO MOVE APPROPRIATE APPLI CATIONS FOR RECALL OF THE PRESENT ORDER IN ACCORDANCE WITH THE LAW, IF TH E ASSESSEE INTENDS TO DO SO. ITA NOS.1556 TO 1559/BANG/2019 THE MERCHANTS LIBERAL CO-OP. BANK LTD., GADAG PAGE 3 OF 3 7. IN THE RESULT, ALL THE APPEALS OF THE ASSES SEE ARE DISMISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 29-09- 2020 SD/- (N.V. VASUDEVAN ) VICE PRESIDENT SD/- (B.R. BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED 29 TH SEPT, 2020. VG/SPS COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASST. REGISTRAR, ITAT, BANGALORE.