MINERAL EXPLORATION CORPORATIONLIMITED , NAGPUR V. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2, NAGPUR

ITA 221/NAG/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 6752 (ITAT-NAGPUR)
• Duration Of Justice: 2 year(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-09-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2010-2011
• Appeal Filed On: 28-08-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: AGNES P THOMAS
• Assessee Lawyers: AVINASH JOSHI
• Section: 271(1)(c)

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL BENCH, NAGPUR (AT E-COURT, PUNE) BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JM . / ITA NO.221/NAG/2018 / ASSESSMENT YEAR : 2010-11 MINERAL EXPLORATION CORPORATION LIMITED, DR. BABASAHEB AMBEDKAR BHAWAN, SEMINARY HILLS, NAGPUR-440006. PAN : AABCM9165C ....... / APPELLANT / V/S. DCIT, CIRCLE-2, NAGPUR. / RESPONDENT ASSESSEE BY : SHRI AVINASH JOSHI REVENUE BY : SHRI AGNES P. THOMAS / DATE OF HEARING : 11.09.2020 / DATE OF PRONOUNCEMENT : 14.09.2020 / ORDER PER P.M. JAGTAP, VP : THIS APPEAL IS PREFERRED BY THE ASSESSEE CHALLENGING THE LEVY OF PENALTY OF RS.50,31,011/- U/S 271(1)(C) OF THE INCOME TAX ACT, 1961. 2. THE ASSESSEE-COMPANY HAS MOVED AN APPLICATION DATED 26.08.2020 SEEKING WITHDRAWAL OF THIS APPEAL FILED BY IT ON THE GROUND THAT IT HAS OPTED TO SETTLE THE DISPUTE INVOLVED THEREIN UNDER THE DIRECT TAX VIVAD SE VISHWAS SCHEME, 2020. IT IS ALSO STATED IN THE SAID APPLICATION THAT THE REQUIRED DECLARATIONS IN THE PRESCRIBED FORM NO.1 AND FORM NO.2 HAVE BEEN FILED BY THE ASSESSEE AND THE DESIGNATED AUTHORITY HAS ALSO ISSUED CERTIFICATE IN FORM NO.3, THE COPIES OF WHICH ARE ENCLOSED WITH THE APPLICATION. 2 ITA NO.221/NAG/2018 3. THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020 HAS INTRODUCED A DISPUTE RESOLUTION SCHEME, WHICH IS APPLICABLE TO ALL APPEALS/PETITIONS FILED BY THE TAX-PAYERS OR INCOME TAX DEPARTMENT, WHICH WERE PENDING UNTIL 31ST JANUARY, 2020 BEFORE ANY APPELLATE FORUM INCLUDING THE INCOME TAX APPELLATE TRIBUNAL. THE PROCEDURE TO AVAIL THE SAID SCHEME IS PRESCRIBED AS UNDER:- (I) FILING OF DECLARATION IN FORM 1 AND FORM 2 DECLARATION UNDER SECTION 4(1) OF THE SCHEME SHALL BE MADE IN FORM 1 CONSISTING OF THE DETAILS REGARDING THE APPEAL TO BE SETTLED. UNDERTAKING TO BE FURNISHED BY THE DECLARANT IN FORM 2 CONCERNING THE WAIVING OF HIS RIGHT TO SEEK OR PURSUE ANY REMEDY UNDER ANY LAW IS TO BE ACCOMPANIED ALONG WITH FORM 1. (II) CERTIFICATE FROM THE DESIGNATED AUTHORITY IN FORM 3 THE DESIGNATED AUTHORITY WITHIN 15 DAYS FROM THE RECEIPT OF THE DECLARATION IN FORM 1 AND FORM 2 WILL ISSUE A CERTIFICATE IN FORM 3 UNDER SECTION 5(1) OF THE SCHEME DETERMINING THE AMOUNT PAYABLE UNDER THE SCHEME. (III) PAYMENT OF TAXES AND WITHDRAWAL OF APPEAL THE DECLARANT SHALL PAY THE AMOUNT (IF NOT ALREADY PAID) AS DETERMINED IN FORM 3 WITHIN 15 DAYS FROM THE DATE OF RECEIPT OF SUCH CERTIFICATE. THE DECLARANT IS ALSO REQUIRED TO WITHDRAW THE APPEAL FOR WHICH THE DECLARATION IS FILED AFTER RECEIPT OF CERTIFICATE UNDER SECTION 5(1) OF THE SCHEME. 4. AS ALREADY NOTED, THE ASSESSEE HAS DULY FILED THE DECLARATIONS IN FORM 1 AND FORM 2 AND THE DESIGNATED AUTHORITY HAS ALSO ISSUED THE CERTIFICATE IN 3 ITA NO.221/NAG/2018 FORM 3 AS PER SECTION 5(1) OF THE SCHEME DETERMINING THE TAX PAYABLE BY THE ASSESSEE UNDER THE SCHEME. ON RECEIPT OF THE SAID CERTIFICATE IN FORM 3, THE ASSESSEE IS NOW SEEKING TO WITHDRAW THIS APPEAL AS REQUIRED UNDER THE SCHEME AND KEEPING IN VIEW THAT THE ASSESSEE HAS DULY COMPLIED WITH THE NECESSARY REQUIREMENTS UNDER THE SCHEME, WE PERMIT THE WITHDRAWAL OF THIS APPEAL FILED BY THE ASSESSEE AND DISMISS THE SAME AS WITHDRAWN. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED ON THIS 14 TH DAY OF SEPTEMBER, 2020. SD/- SD/- ( PARTHA SARATHI CHAUDHURY ) ( P.M. JAGTAP ) JUDICIAL MEMBER VICE PRESIDENT / PUNE; / DATED : 14 TH SEPTEMBER, 2020. SUJEET / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE DCIT, CIRCLE-2, NAGPUR. 4. THE ACIT, CIRCLE-2, NAGPUR. 5. , , / DR, ITAT, NAGPUR. 6. / GUARD FILE. / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE.