Assistant Commissioner of Income Tax Circle-3, Nagpur V. M/s Cytec India Specialty Chemicals and Materials Pvt .Ltd , Nagpur

ITA 87/NAG/2020

AI Insights

The case involves an appeal by the Assistant Commissioner of Income Tax, Circle-3, Nagpur against M/s. Cytec India Specialty Chemicals and Materials Pvt. Ltd. concerning the assessment year 2012-13. The appeal was directed against the order of CIT(A)-2, Nagpur, which had settled the disputed taxes under the 'Vivad se Vishwas Act, 2020'. The Tribunal's decision was based on the fact that the assessee had already complied with the settlement provisions, and the Revenue could not effectively dispute this during the hearing.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 131927 (ITAT-NAGPUR)
• Duration Of Justice: 3 year(s) 2 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-09-2023
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 24-06-2020
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCHES : NAGPUR (THROUGH VIRTUAL HEARING) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA.No.87/Nag./2020 Assessment Year 2012-2013 Assistant Commissioner Of Income Tax Circle-3, Nagpur vs. M/s. Cytec India Specialty Chemicals and Materials Pvt. Ltd. Plot No.G-54, MIDC Industrial Area, Butibori, Nagpur-441110 PAN: AAECC6848C (Appellant) (Respondent) For Assessee : Shri Mayur Kisnadwala, CA For Revenue : Shri Kailash Kanojiya, Sr. DR Date of Hearing : 01.09.2023 Date of Pronouncement : 22.09.2023 ORDER PER SATBEER SINGH GODARA, J.M. This Revenue’s appeal for A.Y. 2012-13, arises against the CIT(A)-2, Nagpur’s order dated 17.03.2020, passed in Case No.CIT(A)-2/115/2015-16, in proceedings u/s. 143(3) of the Income Tax Act, 1961 [“In short Act”]. 2. Heard both the parties. Case file perused. 3. It emerges at the outset that the assessee has already filed its Form-5 dated 16.12.2020 having settled all the disputed taxes / demands; pertaining to the impugned assessment year 2012-13, under the provisions of the Direct Tax ‘Vivad se Vishwas Act, 2020’. The Revenue could hardly dispute correctness thereof during the course 2 ITA.No.87/Nag./2020 ACIT vs. M/s. Cytec India Specialty Chemicals and Materials Pvt. Ltd. of hearing before us. We, thus, find no merit in the Revenue’s instant appeal seeking to revive the Assessing Officer’s action making various disallowances/additions in his corresponding assessment dated 23.03.2015 in very terms. Ordered accordingly. 4. This Revenue’s appeal is dismissed in above terms subject to all just exceptions. Order pronounced in the open court on 22.09.2023 Sd/- Sd/- [DR. DIPAK P. RIPOTE] [SATBEER SINGH GODARA] ACCOUNTANT MEMBER JUDICIAL MEMBER Pune, Dated 22.09.2023 S.K.SINHA True Copy Copy to 1. The appellant 2. The respondent 3. The Ld. CIT(A) concerned. 4. The CIT concerned 5. D.R. ITAT, Nagpur Bench, Nagpur 6. Guard File. //By Order// Assistant Registrar, ITAT, Pune Benches, Pune.