Ace Derivatives & Commodity Exchange Ltd., Mumbai V. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

ITA 658/AHD/2017

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 5596 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 10 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-02-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 04-05-2020
• Assessment Year: 2012-2013
• Appeal Filed On: 16-03-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LALIT P JAIN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT & SHRI WASEEM AHMED, ACCOUNTANT MEMBER) [THROUGH VIRTUAL COURT] ITA. NOS: 658 & 861/AHD/2017 (ASSESSMENT YEARS: 2012-13 ) ACE DERIVATIVE & COMMODITY EXCHANGE LTD. 401, INFINITY PARK, BUILDING NO. 4 GEN A.K. VAIDYA MARG, DINDOSHI MALAD EAST, MUMBAI- 400097 PAN NO. AAACT7281P DY. CIT, CIRCLE-1(1)(1), AHMEDABAD V/S V/S DY. CIT, CIRCLE-1(1)(1), AHMEDABAD ACE DERIVATIVE & COMMODITY EXCHANGE LTD. 401, INFINITY PARK, BUILDING NO. 4 GEN A.K. VAIDYA MARG, DINDOSHI MALAD EAST, MUMBAI-400097 PAN NO. AAACT7281P (APPELLANT) (RESPONDENT) ITA. NOS: 862 & 543/AHD/2017 (ASSESSMENT YEARS: 2013-14 & 2014-15 ) DY. CIT, CIRCLE-1(1)(1), AHMEDABAD V/S ACE DERIVATIVE & COMMODITY EXCHANGE LTD. ITA NOS. 658, 861, 862 & 543/AHD/2015 . A.YS. 2012-13 TO 2014-15 2 401, INFINITY PARK, BUILDING NO. 4 GEN A.K. VAIDYA MARG, DINDOSHI MALAD EAST, MUMBAI-400097 PAN NO. AAACT7281P (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI PARIN SHAH, A.R. RESPONDENT BY : SHRI MOHD. USMAN, CIT/DR & SHRI LALIT P. JAIN, SR. D.R. ( )/ ORDER DATE OF HEARING : 02-02-2021 DATE OF PRONOUNCEMENT : 04 -02-2021 PER RAJPAL YADAV, V.P. THESE FOUR APPEALS ASSESSE AND REVENUE ARE IN CROSS APPEAL AGAINST THE ORDER OF THE LD.CIT(A)-1, AHMEDABAD DATED 24.1.2017 FOR THE ASSTT.YEAR 2012-13, AND REVENUE IS IN APPEAL FOR THE ASSTT.YEARS 2013-14 AND 2014-15 AGAINST RESPECTIVE ORDERS OF THE LD.CIT(A), DATED 24.1.2017 AND 4.12.2017 RESPECTIVELY. SINCE ISSUES ARE INTER-RELATED, FOR THE SAKE OF CONVENIENCE, WE DISPOSE OF ALL THESE APPEALS BY THIS COMMON ORDER. 2. AT TIME OF HEARING, THE LD.COUNSEL FOR THE ASSESSE FILED A LETTER DATED 1.2.2021 STATING THEREIN THAT THE ASSESSE WANTS TO SETTLE THE ISSUES RAISED IN THE ABOVE APPEALS UNDER VIVAD SE VISHWAS SCHEME. THEREFORE, THE ASSESSE HAS FILED FORM NO.1 AND 2 BEING DECLARATION AND UNDERTAKING UNDER THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020. COPIES OF THE SAME ARE PLACED ON RECORD. IT IS THEREFORE SUBMITTED THAT IN VIEW OF EXERCISE OF OPTION UNDER VSV ACT, THE ABOVE FOUR APPEALS MAY BE TREATED AS WITHDRAWN. ON THE OTHER HAND, THE LD.DR HAS ITA NOS. 658, 861, 862 & 543/AHD/2015 . A.YS. 2012-13 TO 2014-15 3 NO OBJECTION, IF THE ASSESSE HAS EXERCISED THE OPTION TO SETTLE THE ISSUE UNDER VSV ACT AS RAISED IN THE ABOVE APPEALS. 3. WE HAVE CONSIDERED SUBMISSIONS OF BOTH THE PARTIES. SINCE THE ASSESSE HAS EXERCISED ITS OPTION TO SETTLE THE ISSUE UNDER VIVAD SE VISHWAS SCHEME, WE DO NOT FIND ANY NECESSITY TO KEEP THE ABOVE APPEALS PENDING BEFORE THE TRIBUNAL. ACCORDINGLY, ALL THE APPEALS STAND DISMISSED AS WITHDRAWN. HOWEVER, IN THE EVENT, THE ASSESSE FAILS TO AVAILE THE BENEFIT OF VSV SCHEME FOR ANY REASONS, THEN ASSESSE/REVENUE WILL BE AT LIBERTY TO SEEK RESTORASTION OF THE ORIGINAL APPEALS FOR ADJUDICATION BEFORE THE ITAT, IN ACCORDANCE WITH LAW. 4. IN THE RESULT, ALL THE APPEALS ARE DISMISSED AS WITHDRAWN UNDER VIVAD SE VISHWAS SCHEME. ORDER PRONOUNCED IN OPEN COURT ON 04 - 02- 2021 SD/- SD/- (WASEEM AHMED) (RAJPAL YADAV) ACCOUNTANT MEMBER TRUE COPY VICE PRESIDENT AHMEDABAD: DATED 04/02/2021 RAJESH COPY OF THE ORDER FORWARDED TO:- 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHMEDABAD