Grama Vidiyal Micro Finance Ltd., Trichy V. DCIT Circle 3(1), Trichy

ITA 2612/CHNY/2018

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 1247 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 4 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-02-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 10-09-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

/ DATE OF HEARING : 27-01-2021 / DATE OF PRONOUNCEMENT : 01-02-2021 / O R D E R PER DUVVURU R.L.REDDY, JUDICIAL MEMBER: THIS APPEAL FILED BY THE ASSESSEE IS AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-1, , , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: CHENNAI . . , . , , BEFORE SHRI DUVVURU R.L. REDDY , JUDICIAL MEMBER AND SHRI G. MANJUNATHA , ACCOUNTANT MEMBER ITA NO. AY APPELLANT RESPONDENT 2612/CHNY/2018 2014-15 M/S.GRAMA VIDIYAL MICRO FINANCE LTD., NOW KNOWN AS M/S.IDFC BHARAT LTD., NO.20A, SATHIS ILLAM, ALLIS STREET, ANNAMALAI NAGAR, TRICHY-620 018. (PAN: AACCG 4482 F) THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-3(1), TIRUCHIRAPPALLI, TRICHY (DT). / APPELLANT BY : MR.D. ANAND, ADV. / RESPONDENT BY : MR.G. CHANDRABABU, ADDL.CIT ITA NO.2612/CHNY/2018 :: 2 :: TIRUCHIRAPPALLI, IN ITA NO.252/2016-17/CIT(A-1)/TRY DATED 20.07.2018 RELEVANT TO THE ASSESSMENT YEAR 2014-15. 2. WHEN THIS APPEAL WAS TAKEN UP FOR HEARING, VIDE LE TTER DATED 13.01.2021, THE LEARNED COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE ASSESSEE HAS OPTED TO AVAIL THE VIVAD -SE- VISHWAS SCHEME 2020 AND FORM NO.3 WAS ALSO ISSUED. HE HAS SUBMITTED THAT HE MAY BE PERMITTED TO WITHDRAW THE APPE AL. 3. ON THE OTHER HAND THE LEARNED DEPARTMENTAL REPRESENTATIVE HAS NOT RAISED ANY OBJECTION TO THE SUBMISS IONS OF THE LEARNED COUNSEL FOR THE ASSESSEE. 4. WE HAVE HEARD BOTH THE SIDES, PERUSED THE MATERIALS AVAILABLE ON RECORD AND GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. 5. IN THIS CASE, THE ASSESSEE HAS OPTED FOR THE VIVAD- SE- VISHWAS SCHEME 2020 AND THE DESIGNATED AUTHORITY HAS ISSUED FORM NO.3 FOR THE SETTLEMENT OF PENDING TAX DISPUTE. ACCORDINGLY, HE PRAYED THAT HE MAY BE PERMITTED TO WITH DRAW THE APPEAL. ITA NO.2612/CHNY/2018 :: 3 :: 6. IN VIEW OF THE SUBMISSIONS OF THE ASSESSEE, THE AP PEAL FILED BY THE ASSESSEE IS PERMITTED TO BE WITHDRAWN. HOWEVE R, IT IS OPEN TO THE ASSESSEE TO APPROACH THE TRIBUNAL BY FILING AN APPROPRIATE APPLICATION IN THE EVENT OF ANY INJUSTICE C AUSED TO THE ASSESSEE IN RESPECT OF THE SETTLEMENT OF DISPUTE RE LATING TO THE VIVAD-SE-VISHWAS SCHEME 2020. 7. IN THE RESULT, THE APPEAL OF THE ASSESSEE IN ITA NO.2612/CHNY/2018 IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED ON THE 01 ST DAY OF FEBRUARY, 2021, IN CHENNAI. SD/- SD/- ( . ) (G. MANJUNATHA) /ACCOUNTANT MEMBER ( . . ) (DUVVURU R.L. REDDY) /JUDICIAL MEMBER /CHENNAI, /DATED: 01 ST FEBRUARY, 2021. TLN /COPY TO: 1. /APPELLANT 4. /CIT 2. /RESPONDENT 5. /DR 3. ( ) /CIT(A) 6. ! /GF