Ratanchand Jain B , Mysore V. The Assistant Commissioner of Income Tax Circle-1(1), Mysore

ITA 2256/BANG/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 7922 (ITAT-BANGALORE)
• Duration Of Justice: 2 year(s) 1 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-08-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2015-2016
• Appeal Filed On: 26-07-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SUNDAR RAJAN

Judgement Text

ITA NO.2684/BANG/2018 & ITA NO.2256/BANG/2018 BUDHML JAIN K. & RATANCHAND JAIN B., MYSORE IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI A.K. GARODIA, ACCOUTANT MEMBER ITA NO.2684/BANG/2018 ASSESSMENT YEAR: 2015-16 BUDHML JAIN K. C/O M/S. RATAN PAWN BROKERS NO.1989/1-A, SAWDAY ROAD MANDI MOHALLA MYSORE PAN NO : AAMPJ2500N VS. THE ACIT, CIRCLE-1(1) MYSURU APPELLANT RESPONDENT ITA NO.2256/BANG/2018 ASSESSMENT YEAR: 2015-16 RATANCHAND JAIN B. C/O M/S. RATAN PAWN BROKERS NO.1989/1-A, SAWDAY ROAD MANDI MOHALLA MYSORE PAN NO : AAMPJ2500N VS. THE ACIT, CIRCLE-1(1) MYSURU APPELLANT RESPONDENT APPELLANT BY : SMT. SUMAN LUNKAR, A.R. RESPONDENT BY : SHRI SUNDAR RAJAN, D.R. DATE OF HEARING : 27.08.2020 DATE OF PRONOUNCEMENT : 27.08.2020 O R D E R PER N.V. VASUDEVAN, VICE PRESIDENT: THESE APPEALS FILED BY TWO DIFFERENT ASSESSEES CHAL LENGING THE ORDERS DATED 24-07-2018 & 28-05-2018 PASSED BY LD C IT(A), ITA NO.2684/BANG/2018 & ITA NO.2256/BANG/2018 BUDHML JAIN K. & RATANCHAND JAIN B., MYSORE PAGE 2 OF 4 MYSURU AND BOTH THE APPEALS RELATE TO THE ASSESSMEN T YEAR 2015-16. THE ASSESSEES ARE FATHER & SON AND THE SO N I.E. THE ASSESSEE IN ITA NO.2256/BANG/2018 HAS SUBMITTED A L ETTER REQUESTING TO CLUB BOTH THE APPEALS FOR HEARING, SI NCE THE ISSUES IN DISPUTE IN ABOVE TWO APPEALS ARE INTERCONNECTED AND HAVE BEARING ON EACH OTHER AND ACCORDINGLY, AS THE ISSUES ARE ID ENTICAL AND COMMON, FOR THE SAKE OF CONVENIENCE, THESE APPEALS ARE BEING DISPOSED OF BY THIS CONSOLIDATED ORDER. THE ASSESS EES ARE AGGRIEVED BY THE DECISION OF LD CIT(A) IN CONFIRMING THE LEVY OF PENALTY U/S 271AAB OF THE INCOME-TAX ACT,1961 ['THE ACT' FOR SH ORT]. 2. IN ITA NO.2684/BANG/2018 FOR THE A.Y. 2015- 16, THE ASSESSEE HAS FURNISHED A LETTER DATED 27-08-2020, W HEREIN, INTER ALIA, IT IS STATED AS UNDER:- 1. IN RESPECT OF DISPUTED ISSUE IN APPEAL, THE APPELLANT HAS OPTED TO FILE AN APPLICATION UNDER THE VIVAD SE VIS HWAS ACT, 2020. 2. ACCORDINGLY, THE APPELLANT HAS FILED FORM 1 & 2 UNDER THE SAID ACT ON 26-08-2020. COPY OF THE FORM 1 IS ENCL OSED. 3. UNDER SECTION 5(1) OF THE ACT, THE PENDING APP EAL IS DEEMED TO HAVE BEEN WITHDRAWN ON THE ISSUE OF FORM 3 BY THE DESIGNATED AUTHORITY. 4. IN THE CASE OF THE APPELLANT, THE FORM 3 HAS NOT BEEN RECEIVED AND THE SAME IS AWAITED. 5. IN THE CIRCUMSTANCES, IT IS REQUESTED THAT THE APPEAL POSTED FOR HEARING ON 27-08-2020 MAY KINDLY BE ADJO URNED. ITA NO.2684/BANG/2018 & ITA NO.2256/BANG/2018 BUDHML JAIN K. & RATANCHAND JAIN B., MYSORE PAGE 3 OF 4 ACCORDINGLY THE ASSESSEE HAS PRAYED FOR ADJOURNMENT OF THE APPEAL. 3. THE LD D.R, HOWEVER, SUBMITTED THAT THE ASSES SEES HAVE TO WITHDRAW THE PENDING APPEALS AFTER FILING FORM VSV1 AS PER VIVAD SE VISHWAS ACT, 2020. THEREAFTER, THE ASSESSEES AR E REQUIRED 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 SUBMITTED THAT THE FORM NO.3 SHALL BE ISSUED TO THE ASSESSEES IN D UE COURSE AND ACCORDINGLY HE SUBMITTED THAT THE APPEALS OF THE AS SESSEES MAY BE DISMISSED AS WITHDRAWN, AS THE ASSESSEES, IN ANY WA Y, ARE REQUIRED TO WITHDRAW THE APPEALS. 4. WE HEARD THE PARTIES AND PERUSED THE RECORD. SINCE THE ASSESSEES HAVE OPTED FOR VIVAD SE VISHWAS SCHEME, 2 020, THE APPELLANTS WOULD BE MOVING APPLICATIONS FOR WITHDRA WING THE PRESENT APPEALS FILED BEFORE THE TRIBUNAL IN DUE CO URSE. SINCE THE ASSESSEES HAVE ALREADY FILED THE NECESSARY APPLICAT IONS BEFORE THE TAX AUTHORITIES UNDER THE ABOVE SAID SCHEME, WE ARE OF THE VIEW THAT NO PURPOSE WILL BE SERVED IN KEEPING THE APPEALS PE NDING. ACCORDINGLY WE DISMISS THE APPEALS OF THE ASSESSEES AS WITHDRAWN. 5. WE NOTICE THAT THE ASSESSEE IN ITA NO.2684/ BANG/2018, IN HIS APPLICATION, HAS STATED THAT HE HAS NOT RECEIVE D FORM NO.3, IN ITA NO.2684/BANG/2018 & ITA NO.2256/BANG/2018 BUDHML JAIN K. & RATANCHAND JAIN B., MYSORE PAGE 4 OF 4 WHICH THE TAX AMOUNT TO BE PAID BY THE ASSESSEE SHA LL BE INTIMATED BY THE DEPARTMENT. HENCE THE ASSESSEE HAS SOUGHT A DJOURNMENT TILL THE TIME FORM NO.3 IS RECEIVED FROM THE DEPART MENT, MEANING THEREBY, THE ASSESSEE WANTS TO MAKE SURE THAT THE T AX LIABILITY MENTIONED BY HIM IN FORM NO.1 SHOULD GET CONFIRMED BY THE REVENUE. UNDER THESE SET OF FACTS, SINCE WE HAVE DI SMISSED THE APPEALS, THE ASSESSEES ARE GIVEN LIBERTY TO MOVE AP PROPRIATE APPLICATIONS FOR RECALL OF THE PRESENT ORDER IN ACC ORDANCE WITH THE LAW, IF THE ASSESSEES INTEND TO DO SO. 6. IN THE RESULT, THE APPEALS OF THE ASSESSEES ARE DISMISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 27-08 -2020 SD/- (A.K. GARODIA) ACCOUNTANT MEMBER SD/- (N.V. VASUDEVAN) VICE PRESIDENT BANGALORE, DATED 27 TH AUG, 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.