The Assistant Commr. of Income Tax, Morbi Circle, RAJKOT-GUJARAT V. M/s Italica Floor Tiles Ltd., Morbi

ITA 271/RJT/2016

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 0962 (ITAT-RAJKOT)
• Duration Of Justice: 4 year(s) 4 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-12-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 05-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S S RATHI
• Section: 68

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT [CONDUCTED THROUGH VIRTUAL COURT AT AHMEDABAD] BEFORE SHRI RAJPAL YADAV, VICE-PRESIDENT AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ./ ITA.NO.271/RJT/2016 / ASSTT. YEAR: 2012-13 ACIT, MORBI CIRCLE MORBI. VS M/S.ITALICA FLOOR TILES LTD. 8-A, NATIONAL HIGHWAY NR. BANDHUNAGAR AT. MAKANSAR, MORBI. ! / (APPELLANT) '# ! / (RESPONDENT) REVENUE BY : SHRI S.S. RATHI, SR.DR ASSESSEE BY : SHRI VIMAL DESAI, AR / DATE OF HEARING : 15/12/2020 / DATE OF PRONOUNCEMENT: 15/12/2020 $%/ O R D E R PER RAJPAL YADAV, VICE-PRESIDENT: REVENUE IS IN APPEAL BEFORE THE TRIBUNAL AGAINST OR DER OF LD.CIT(A)-3 RAJKOT DATED 25.5.2016 PASSED FOR THE ASSTT.YEAR 20 12-13 AGAINST DELETION OF ADDITION OF RS.1,60,00,000/- UNDER SECTION 68 OF TH E INCOME TAX ACT, 1961. 2. WHEN THE CASES WERE CALLED FOR HEARING, THE LD.COUN SEL FOR THE ASSESSEE SUBMITTED AT THE BAR THAT THOUGH IT IS THE APPEAL OF THE REVENUE, BUT THE ASSESSEE HAS ALREADY APPLIED FOR SETTLEMENT OF DISPUTED TAX UNDER VIVAD SE VISHWAS ( VSV) SCHEME. THEREFORE, HE PRAYED THAT THIS APPEAL BE DISMISSED AT THIS STAGE. THE LD.DR, ON T HE OTHER HAND WAS UNABLE TO CONTROVERT THIS CONTENTION OF THE LD.COUN SEL FOR THE ASSESSEE FOR WANT OF COMPLETE DETAILS. CONSIDERING STATEMENT MAD E BY THE LD.COUNSEL ITA NO.271/RJT/2016 2 FOR THE ASSESSEE IN THE OPEN COURT, WE ARE OF THE V IEW THAT THE ASSESSEE MUST HAVE SETTLED THE DISPUTE INVOLVED IN THIS APPE AL UNDER VIVAD SE VISHWAS SCHEME LAUNCHED BY THE GOVERNMENT. 3. IN THE LIGHT OF THE ABOVE SUBMISSIONS BOTH THE P ARTIES, APPEAL FILED BY THE REVENUE STANDS DISMISSED AS WITHDRAWN. HOWE VER, IN THE EVENT, THE ASSESSEE FAILS TO AVAIL THE BENEFIT OF VSV SCHE ME FOR ANY BONAFIDE REASONS, THEN THE REVENUE WILL BE AT LIBERTY TO SEE K RESTORATION OF ORIGINAL APPEAL FOR ADJUDICATION BEFORE ITAT IN ACC ORDANCE WITH LAW. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS STAN D WITHDRAWN UNDER VSV SCHEME. ORDER PRONOUNCED IN THE COURT ON 15 TH DECEMBER, 2020 AT AHMEDABAD. SD/- SD/- (AMARJIT SINGH) ACCOUNTANT MEMBER (RAJPAL YADAV) VICE-PRESIDENT