M/S CREST VENTURES LTD, Mumbai V. DCIT CIRCLE-2(1)(1), Mumbai

ITA 4797/MUM/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 6876 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-01-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2014-2015
• Appeal Filed On: 17-07-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST TH E DATED PASSED

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, AM BEFORE SHRI RAVISH SOOD , JM & / I .T.A. NO . 4797 & 4798 /MUM/20 19 ( / ASSESSMENT YEAR: 2014 - 15 & 2015 - 16 ) M/S C REST VENTURES LTD. 111, MAKER CHAMBERS IV, 11 TH FLOOR, NARIMAN POINT, MUMBAI - 400 021 / VS. DCIT CIRCLE 2(1)(1) , ROOM NO. 552 , A AYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 ./ ./ PAN/GIR NO. : AA BCS8634C ( / APPELLANT ) .. ( / RESPONDENT ) / DATE OF HEARING: 28 / 01 /20 21 /DATE OF PRONOUNCEMENT: 28/01 / 20 21 / O R D E R PER S. RIFAUR RAHMAN, ACCOUNTANT MEMBER : THE PRESENT TWO APPEAL S HAVE BEEN FILED BY THE ASSESSEE AGAINST TH E ORDER DATED 09.05 .2019 PASSED BY LD. COMMISSIONER OF INCOME TAX (APPEALS) - 4 , MUMBAI [HEREINAFTER REFERRED TO AS THE LD. CIT (A) ] RELEVANT TO A.Y. 20 14 - 15 & 2015 - 16 . 2 . AT THE OUTSET, WHEN THE APPEAL WAS CALLED OUT FOR HEARING, THE L D. COUNSEL OF THE ASSESSEE SUBMITTED THAT S HE HAS FILED THE NECESSARY DECLARATION UNDER DIRECT TAX VIVAD SE VISHWAS ACT, 2020 (AC T 3 OF 2020). SH E FILED LETTER DATED 27 .01.2021 CONFIRMING THE RECEIPT OF FORM - 1 & 2 AND PRAYER TO WITHDRAW THE APPEAL. SHE PRAYED THAT ITS RIGHT FOR REVIVAL OF THE APPEAL IS PROTECTED, IN THE EVENT OF, FOR SOME UNFORTUNATE REASON, THE MATTER BEING NOT SETTLED UNDER THE VIVAD SE VISHWAS SCHEME. ASSESSEE BY : MS. PRIYA , AR REVENUE BY: MS. S H R EEKALA PARDESHI , DR ITA NO. 4797 & 4798 /MUM/20 19 M/S CREST VENTURES LTD. 2 3. THE LD. DR DID NOT OBJECT TO COURSE SO SUGGESTED. 4. CONSIDERED THE RIVAL SUBMISSIONS AND MATERIAL PLACED ON RECORD. WE NOTICE THAT L IBERTY IS GRANTED TO THE ASSESSEE TO REVIVE THE APPEALS IN THE EVENT APPLICATION FILED BY THE ASSESSEE UNDER VSVS FAILS TO MATURE. IT IS FURTHER MADE CLEAR THAT IF THE ASSESSEE /APPELLANT SEEKS TO RESTORE THE APPEAL IN THE EVENT ASSESSEE'S DECLARATION MADE UNDER VSVS IS NOT ACCEPTED, THE REGISTRY SHALL NOT INSIST FOR FILING OF APPLICATION FOR CONDONATION OF DELAY, IF THE MISCELLANEOUS APPLI CATION FOR RECALLING THE ORDER IS FILED BEYOND TIME ON ACCOUNT OF DELAY IN COMMUNICATION OF OUTCOME UNDER VSVS. [ RE. M/S. NANNUSAMY MOHAN(HUF) VS. ACIT IN T.C.A NO.372 OF 2020 DECIDED ON 16/10/2020 BY HON'BLE MADRAS HIGH COURT]. 5. IN VIEW OF THE ABOVE, WE DISMISS BOTH THE APPEAL S AS WITHDRAWN, SUBJECT TO THE RIDER THAT IN THE UNLIKELY EVENT OF MATTER NOT BEING RESOLVED UNDER THE VIVAD SE VISHWAS SCHEME , THE ASSESSEE SHALL HAVE LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF ITS APPEALS. 6. IN THE RES ULT, BOTH THE APPEAL S ARE DISMISSED AS WITHDRAWN SUBJECT TO THE OBSERVATION ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 28/01 /202 1 SD/ - SD/ - ( RAVISH SOOD ) (S. RIFAUR RAHMAN ) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 28/01 / 202 1 DHANA NJAY ( SR.PS ) / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. ITA NO. 4797 & 4798 /MUM/20 19 M/S CREST VENTURES LTD. 3 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, I TAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY// / /(DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI