ACIT, Coimbatore V. M/s. Precot Meridian Limited, Coimbatore

ITA 3527/CHNY/2018

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 1249 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 1 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-02-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 27-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G CHANDRABABU CIT MR S SRIDHAR

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, COIMB ATORE, IN ITA NO.04/R/17-18 DATED 10.10.2018 RELEVANT TO TH E ASSESSMENT YEAR 2006-07. , , 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 3527/CHNY/2018 2006-07 THE ASST. COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-2, NO.67-A, RACE COURSE ROAD, COIMBATORE-641 018. M/S.PRECOT MERIDIAN LTD., (PREVIOUSLY PRECOT MILLS LTD.), SUPREME, POST BOX NO.7161, GREEN FIELDS, PULIAKULAM ROAD, COIMBATORE-641 045. (PAN: AABCP 3038 K) DEPARTMENT BY : MR.G. CHANDRABABU, ADDL.CIT ASSESSEE BY : MR.S. SRIDHAR, ADV. ITA NO.3527/CHNY/2018 :: 2 :: 2. WHEN THIS APPEAL WAS TAKEN UP FOR HEARING, VIDE LE TTER DATED 22.12.2020, THE ASSESSEE HAS SUBMITTED THAT SHE HAS OPTED TO AVAIL THE VIVAD-SE-VISHWAS SCHEME 2020. IT WAS FURTHER A SUBMISSION THAT FORM NO.3 FROM THE DESIGNATED AUTHORIT Y IS YET TO BE ISSUED AND WOULD BE SUBMITTED IN DUE COURSE A ND THE SAME SHALL BE FURNISHED AFTER ISSUANCE OF FORM NO.3. SHE HAS FURTHER SUBMITTED THAT SHE MAY BE PERMITTED TO WITHDRAW T HE APPEAL. 3. ON THE OTHER HAND THE LEARNED DEPARTMENTAL REPRESENTATIVE HAS NOT RAISED ANY OBJECTION TO THE SUBMISS IONS OF THE ASSESSEE. 4. WE HAVE 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 IS YET TO ISSUE FORM NO.3 FOR THE SETTLEMENT OF PENDING TAX DISPUT E. SINCE THE ASSESSEE HAS SUBMITTED THAT FORM NO.3 WOULD BE SUBMI TTED AS AND WHEN IT IS ISSUED AND PRAYED FOR PERMITTING THE A SSESSEE TO WITHDRAW THE APPEAL, THE APPEAL FILED BY THE ASSES SEE IS ITA NO.3527/CHNY/2018 :: 3 :: PERMITTED TO BE WITHDRAWN. HOWEVER, IT IS OPEN TO THE ASSESSEE TO APPROACH THE TRIBUNAL BY FILING AN APPROPRIATE APPLIC ATION IN THE EVENT OF ANY INJUSTICE CAUSED TO THE ASSESSEE IN RESPE CT OF THE SETTLEMENT OF DISPUTE RELATING TO THE VIVAD-SE-VISHW AS SCHEME 2020. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IN ITA NO.3527/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