M/s J&K Bank Priority Sector Asset Risk Fund, Srinagar V. The Income-tax Officer, Srinagar

ITA 203/ASR/2015

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 4975 (ITAT-AMRITSAR)
• Duration Of Justice: 5 year(s) 9 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-02-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2003-2004
• Appeal Filed On: 27-04-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M P SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, AMRITSAR IN THE INCOME TAX APPELLATE TRIBUNAL, AMRITSAR IN THE INCOME TAX APPELLATE TRIBUNAL, AMRITSAR IN THE INCOME TAX APPELLATE TRIBUNAL, AMRITSAR (CAMP BENCH AT JAMMU) (CAMP BENCH AT JAMMU) (CAMP BENCH AT JAMMU) (CAMP BENCH AT JAMMU) BEFORE: MR. JUSTICE P. P. BHATT, HONBLE BEFORE: MR. JUSTICE P. P. BHATT, HONBLE BEFORE: MR. JUSTICE P. P. BHATT, HONBLE BEFORE: MR. JUSTICE P. P. BHATT, HONBLE PRESIDENT PRESIDENT PRESIDENT PRESIDENT & SHRI N.K. SAINI & SHRI N.K. SAINI & SHRI N.K. SAINI & SHRI N.K. SAINI, HONBLE VICE PRESIDENT , HONBLE VICE PRESIDENT , HONBLE VICE PRESIDENT , HONBLE VICE PRESIDENT ITA NO ITA NO ITA NO ITA NO S SS S . .. . 200 TO 203 200 TO 203 200 TO 203 200 TO 203 /ASR/201 /ASR/201 /ASR/201 /ASR/201 5 55 5 ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR S SS S : : : : 20 2020 20 00 0000 00 - -- - 01, 2002 01, 2002 01, 2002 01, 2002 - -- - 03, 2001 03, 2001 03, 2001 03, 2001 - -- - 02 & 2003 02 & 2003 02 & 2003 02 & 2003 - -- - 04 0404 04 M/S J&K BANK PRIORITY SECTOR M/S J&K BANK PRIORITY SECTOR M/S J&K BANK PRIORITY SECTOR M/S J&K BANK PRIORITY SECTOR ASSET RISK FUND, ASSET RISK FUND, ASSET RISK FUND, ASSET RISK FUND, M.A. ROAD, M.A. ROAD, M.A. ROAD, M.A. ROAD, SRINAGAR. SRINAGAR. SRINAGAR. SRINAGAR. PAN : AAEFJ5665N. PAN : AAEFJ5665N. PAN : AAEFJ5665N. PAN : AAEFJ5665N. VS. VS. VS. VS. INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, WARD WARD WARD WARD- -- -3(3), 3(3), 3(3), 3(3), SRINAGAR. SRINAGAR. SRINAGAR. SRINAGAR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI JOGINDER SINGH , CA RESPONDENT BY : SHR I M.P. SINGH, CIT - DR. DATE OF HEARING : 04.02.2021 04.02.2021 04.02.2021 04.02.2021 DATE OF PRONOUNCEMENT : 04.02.2021 04.02.2021 04.02.2021 04.02.2021 ORDER ORDER ORDER ORDER PER JUSTICE P.P. BHATT, PRESIDENT PER JUSTICE P.P. BHATT, PRESIDENT PER JUSTICE P.P. BHATT, PRESIDENT PER JUSTICE P.P. BHATT, PRESIDENT : :: : THESE APPEALS BY THE ASSESSEE FOR THE ASSESSMENT Y EARS 2000- 01 TO 2003-04 ARE DIRECTED AGAINST THE ORDER OF LEA RNED CIT(A), JAMMU DATED 26 TH FEBRUARY, 2015. 2. THE ASSESSEE, VIDE HIS LETTER DATED 25.01.2021, HAS INTIMATED THE TRIBUNAL THAT THE ASSESSEE HAS OPTED TO SETTLE THE DISPUTE RELATING TO THE TAX ARREARS FOR THE ASSESSMENT YEAR UNDER CONSI DERATION UNDER THE VIVAD SE VISHWAS ACT, 2020 (IN SHORT THE ACT) AND REQUESTED FOR WITHDRAWAL OF THE SAID APPEALS. 3. CONSIDERING THE AFORESAID SITUATION, THE CAPTION ED APPEALS ARE CONSIGNED TO RECORDS AND TREATED AS DISMISSED. ITA-200 TO 203/ASR/2015 2 4. HOWEVER, THE AFORESAID IS SUBJECT TO A CAVEAT TH AT IN CASE THE DISPUTE RELATING TO TAX ARREARS FOR THE CAPTIONED A SSESSMENT YEAR IS NOT ULTIMATELY RESOLVED IN TERMS OF THE AFORESTATED ACT , THE APPELLANT (I.E., THE ASSESSEE) SHALL BE AT LIBERTY TO APPROACH THE T RIBUNAL FOR REINSTITUTION OF THE APPEALS AND THE TRIBUNAL SHALL CONSIDER SUCH APPLICATION APPROPRIATELY AS PER LAW. THE RESPONDEN T (I.E., THE REVENUE) HAS NO OBJECTION WITH REGARD TO THE AFORES AID CAVEAT. 5. IN VIEW OF THE AFORESAID, THE APPEALS ARE CONSIG NED TO RECORD AND, FOR STATISTICAL PURPOSES, ARE TREATED AS DISMI SSED. ABOVE DECISION WAS ANNOUNCED ON CONCLUSION OF HEAR ING IN THE PRESENCE OF BOTH THE PARTIES ON 4 TH FEBRUARY, 2021. SD/- SD/- (N.K. SAINI (N.K. SAINI (N.K. SAINI (N.K. SAINI) )) ) (JUSTICE P.P. BHATT) (JUSTICE P.P. BHATT) (JUSTICE P.P. BHATT) (JUSTICE P.P. BHATT) VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT PRESIDENT PRESIDENT PRESIDENT PRESIDENT COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT BY ORDER ASSISTANT REGISTRAR