Equator Estates Pvt Ltd, New Delhi V. ITO WARD - 8(2), New Delhi

ITA 3980/DEL/2019

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 8445 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 9 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-02-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 05-05-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 68; 69C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.3980/Del/2019 (ASSESSMENT YEAR 2011-12) Equator Estates Private Limited, V-30, Rajouri Garden, New Delhi-110 027 PAN-AABCE 5568K Vs. Income Tax Officer, Ward-8(2), New Delhi. (Appellant) (Respondent) Appellant By None Respondent by Sh. Parikshit Singh, Sr. DR ORDER PER ANADEE NATH MISSHRA, AM: (A) This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-34, New Delhi, [Ld. CIT(A)”, for short], dated 28.02.2019 for Assessment Year 2011-12. Grounds taken in this appeal of Assessee are as under: “I. That the Learned CIT (Appeals)-34, New Delhi and the Learned Income Tax Officer, Ward -8(2), New Delhi have not appreciated the facts, circumstances and submissions made in the case fully and correctly. II. The Learned Income Tax Officer, Ward -8(2), New Delhi has erred both in facts and in law in making addition of Rs.75,00,000 u/s 68 by 2 ITA No.3980/Del/2019 Equator Estate Pvt. Ltd. vs. ITO treating amount received toward share application money as unexplained; and the Learned CIT(Appeals)-34, New Delhi, has erred both in facts and in law in confirming the addition of Rs.75,00,000 u/s 68 made by the Learned Assessing Officer and in further enhancing income by Rs.2,25,000 u/s 69C in the appellate order. The appellant company having fully discharged it’s onus u/s 68 in regard to the share capital application money received from M/s Yuwraj Exports Pvt. Ltd. by duly furnishing copies of documents relating to the issue of share capital and copies of the related bank statements to prove the identity of the investor, the nature and genuineness of the transaction, and the creditworthiness of the investor, no addition in regard to the same should have been made u/s 68.” (B) At the time of hearing, no one was present on behalf of the assessee, but through a written communication letter dated 14 th December, 2021, filed in Income Tax Appellate Tribunal from the assessee’s side, informing that the assessee has opted to settle the aforementioned appeal under Vivad se Vishwas Act, 2020 (“VSVS”, for short) and that the Designated Authority has already issued Form-3 under VSVS. We took notice of the aforesaid letter dated 14.12.2021. Copy of Form-3 issued by designated authority under VSVS was also enclosed with the aforesaid letter. Learned Senior Departmental Representative for Revenue submitted before us that this appeal may be treated as withdrawn and may be dismissed on account of the aforesaid VSVS. After due consideration and in view of the foregoing, we are of the opinion that this appeal has become 3 ITA No.3980/Del/2019 Equator Estate Pvt. Ltd. vs. ITO infructuous on account of aforesaid VSVS, and this appeal may be treated as withdrawn on account of the aforesaid VSVS. Accordingly, this appeal having become infructuous, is treated as withdrawn and is hereby dismissed. (B.1) Before we part, we hereby clarify, by way of abundant caution, that if for some reason the disputes under this appeal before us are not settled under the aforesaid VSVS, then the assessee will be at liberty to approach ITAT for restoration of this appeal in accordance with law. (C) In the result, this appeal is dismissed. This order was already pronounced orally on 22 nd February, 2022 in Open Court, in the presence of Learned Sr. Departmental Representative, after conclusion of the hearing. Now this order in writing is signed today on 22.02.2022. Sd/- Sd/- (KUL BHARAT) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated:22.02.2022 PK/Ps 4 ITA No.3980/Del/2019 Equator Estate Pvt. Ltd. vs. ITO Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI