M/s Fibres and Fabrics InternationalPrivate Limited , Bangalore V. Assistant Commissioner of Income Tax Circle-11(3), Bangalore

ITA 2674/BANG/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 1906 (ITAT-BANGALORE)
• Duration Of Justice: 3 year(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-12-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 08-12-2020
• Assessment Year: 2005-2006
• Appeal Filed On: 08-12-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R PREMI
• Assessee Lawyers: KEERTI NARAYAN

Judgement Text

ITA NO.2674/BANG/2017 FIBRES AND FABRICS INTERNATIONAL PVT. LTD., BANGALO RE IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA NO.2674/BANG/2017 ASSESSMENT YEAR: 2005-06 M/S. FIBRES AND FABRICS INTERNATIONAL PVT. LTD. NO.21-E1, 2 ND PHASE INDUSTRIAL AREA PEENYA BANGALORE-560 058. PAN NO : AAACF6841M VS. ACIT CIRCLE-11(3) BANGALORE APPELLANT RESPONDENT A PPELLANT BY : SHRI KEERTI NARAYAN, A.R. RESPONDENT BY : SMT. R. PREMI, D.R. DATE OF HEARING : 08.12.2020 DATE OF PRONOUNCEMENT : 08.12.2020 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER: THE ASSESSEE HAS FILED THIS APPEAL CHALLENGING THE ORDER DATED 09-10-2017 PASSED BY LD CIT(A)-3, BENGALURU AND IT RELATES TO THE ASSESSMENT YEAR 2005-06. 2. THE LD COUNSEL FOR THE ASSESSEE HAS FURNISH ED A LETTER STATING THAT THE ASSESSEE HAS OPTED TO SETTLE THE DISPUTE U NDER DIRECT TAX VIVAD SE VISHWAS ACT FOR SETTLEMENT OF THE DISPUTE BY FILING FORM NO.1 & 2 AND HAS ALSO RECEIVED FORM NO.3. THE LD A.R SU BMITTED THAT THE ASSESSEE IS AWAITING FORM NO.5. ACCORDINGLY THE LD A.R SUBMITTED ITA NO.2674/BANG/2017 FIBRES AND FABRICS INTERNATIONAL PVT. LTD., BANGALO RE PAGE 2 OF 2 THAT THE ASSESSEE WISHES TO WITHDRAW THE APPEAL. T HE LD A.R SUBMITTED THAT THE ASSESSEE MAY BE GIVEN LIBERTY TO SEEK RECALL OF THE ORDER, IF SOMETHING GOES WRONG. 3. THE LD D.R DID NOT OBJECT TO THE PRAYER MADE B Y THE ASSESSEE. 4. WE HEARD THE PARTIES AND PERUSED THE RECORD. SINCE THE ASSESSEE HAS OPTED TO SETTLE THE DISPUTE UNDER DIRECT TAX VI VAD SE VISHWAS ACT, 2020, WE ARE OF THE VIEW THAT NO PURPOSE WILL BE SERVED IN KEEPING THIS APPEAL PENDING. ACCORDINGLY WE DISMISS THE AP PEAL OF THE ASSESSEE AS WITHDRAWN. HOWEVER, THE ASSESSEE IS GIV EN LIBERTY TO MOVE APPROPRIATE APPLICATION FOR RECALL OF THE PRES ENT ORDER IN ACCORDANCE WITH THE LAW, IF THE ASSESSEE INTENDS TO DO SO. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE I S DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH DEC, 2020 SD/- (GEORGE GEORGE K. ) JUDICIAL MEMBER SD/- (B.R. BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED 8 TH DEC, 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