Asian Capital Market Limited , Kolkata V. A.C.I.T.,Circle-2(4), Kolkata

ITA 2602/KOL/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7351 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-01-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 17-12-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: JAYANTA KHANRA
• Assessee Lawyers: N O N E
• Keywords: Competent authority

Judgement Text

1 ITA NO.2602/KOL/2019 ASIAN CAPITAL MARKET LIMITED, AY 2014-16 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, KOLKATA ( ) . . , . . , ) [BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT (KZ) &SHRI A. T. VARKEY, JM] I.T.A. NO. 2602/KOL/2019 ASSESSMENT YEAR:2014-15 ASIAN CAPITAL MARKET LIMITED (PAN: AACCA4879N) VS. ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), KOLKATA. APPELLANT RESPONDENT DATE OF VIRTUAL HEARING 15.01.2021 DATE OF PRONOUNCEMENT 15.01.2021 FOR THE APPELLANT N O N E FOR THE RESPONDENT SHRI JAYANTA KHANRA, ADDL. CIT ORDER PER BENCH: THIS APPEAL HAS BEEN PREFERRED BY THE ASSESSEE AGAINST THE ORDER OF THE LD.CIT(A)-20, KOLKATA DATED 15.11.2019 FOR AY 2014-15. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. AT THE OUTSET, IT IS NOTICED FROM THE LETTER OF THE DIRECTOR OF THE ASSESSEE COMPANY DATED 11.12.2020 THAT THE ASSESSEE HAVE OPTED FOR THE VIVAD SE VISHWAS SCHEME, 2020 (HEREINAFTER REFERRED TO AS THE SCHEME) AND ACCORDINGLY IS CONTEMPLATING TO FILE FORM 1 AND 2 BEFORE THE COMPETENT AUTHORITY AS PER THE SCHEME IN RESPECT OF THIS APPEAL. TAKING INTO CONSIDERATION THE FACT THAT SINCE THE ASSESSEE IS OPTING FOR THE VIVAD SE VISHWAS SCHEME, 2020 FOR THE ASSESSMENT YEAR 2014-15, THERE IS NO POINT IN KEEPING THE IMPUGNED APPEAL PENDING. 3. IN THE LIGHT OF THE AFORESAID DISCUSSION, WE TREAT THIS SUBMISSION OF THE ASSESSEE INFORMING THE TRIBUNAL THE FACT THAT ASSESSEE IS OPTING FOR THE SAID SCHEME, THEREFORE, WE ALLOW THE ASSESSEE TO WITHDRAW THE IMPUGNED APPEAL. IN CASE, IF THE COMPETENT AUTHORITY AS PER THE SCHEME DOES NOT ACCEPT THE ASSESSEES PROPOSAL TO OPT FOR THE VIVAD SE VISHWAS SCHEME, 2020, OR IF THE ASSESSEE CHANGES HIS MIND LATER NOT TO OPT FOR THE SCHEME FOR ANY 2 ITA NO.2602/KOL/2019 ASIAN CAPITAL MARKET LIMITED, AY 2014-16 REASONS, THEN THE ASSESSEE IS AT LIBERTY TO MOVE AN APPLICATION FOR RECALLING THIS ORDER. WITH THE AFORESAID CAVEAT, WE ALLOW THE ASSESSEE TO WITHDRAW THE CAPTIONED APPEAL. 4. NEEDLESS TO SAY THAT OUR AFORESAID ACTION ALLOWING THE ASSESSEE TO WITHDRAW THE APPEAL, WILL NOT COME IN THE WAY OF THE COMPETENT AUTHORITY OF REVENUE TO ACCEPT THE ASSESSEES SAID OPTION/SCHEME FOR AVAILING VIVAD SE VISHWAS SCHEME, 2020. 5. IN THE RESULT, THE APPEAL OF ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (P. M. JAGTAP) (ABY. T. VARKEY) VICE PRESIDENT JUDICIAL MEMBER DATED : 15.01.2021 JD(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1. APPELLANT M/S. ASIAN CAPITAL MARKET LIMITED, SIKKIM COMMERCE HOUSE, 4/1, MIDDLETON STREET, KOLKATA-700 071. . 2 RESPONDENT ACIT, CENTRAL CIRCLE-2(4), KOLKATA. 3. 4. 5. CIT(A)-20, KOLKATA. (SENT THROUGH E-MAIL) CIT, KOLKATA DR, ITAT, KOLKATA. (SENT THROUGH E-MAIL) / TRUE COPY, BY ORDER, ASSISTANT REGISTRAR