M/s.Janak Cotton Co, Baroda V. Income Tax Officer, Ward-1(2), Bharuch

ITA 926/AHD/2016

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 4027 (ITAT-SURAT)
• Duration Of Justice: 5 year(s) 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-05-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 1997-1998
• Appeal Filed On: 12-04-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANUPMA SINGLA
• Section: 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA NO.925 & 926/AHD/2016 (AY 1997-98) (H EARING IN VIRTUAL COURT) M/S.JANAK COTTON CO., C/O. DALAL SHASHIKANT MANILAL, 101 GALAXY COMPLEX, 16, VISHWAS COLONY, ALKAPURI, BARODA 390007. PAN : AABFJ 9424 E VS THE INCOME TAX OFFICER, WARD-1(2), BHAURCH. APPLICANT RESPONDENT ASSESSEE BY MS. CHAITALI SHAH CA REVENUE BY MS. ANUPMA SINGLA SR. DR DATE OF HEARING 25.05.2021 DATE OF PRONOUNCEMENT 25.05.2021 ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER : 1. THESE TWO APPEALS BY THE ASSESSEE ARE DIRECTED AGAINST THE ORDERS OF LD.COMMISSIONER OF INCOME TAX (APPEALS)-3, VADODARA HEREINAFTER REFERRED AS LD. CIT(A) DATED 29.01.2016 AND 02.02.2016 FOR THE ASSESSMENT YEAR (AY) 1997-98. ITA NO.925/AHD/2016 IS AGAINST THE ADDITIONS IN QUANTUM ASSESSMENT AND ITA NO.926/AHD/2016 IS AGAINST THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE INCOME-TAX ACT, 1961. 2. BOTH THE APPEAL CAME UP HEARING ON 25 TH MAY 2021. THE LEARNED AUTHORISED REPRESENTATIVE (AR) FOR THE ASSESSEE SUBMITS THAT THE ASSESSEE HAS AVAILED THE BENEFITS OF VIVAD SE VISVAS SCHEME -2020 (VSV-20) AND HAS SETTLED THE DISPUTE OF TAX FOR ASSESSMENT YEAR UNDER CONSIDERATION WITH DEPARTMENT AND M/S.JANAK COTTON, CO., ITAS NO.925 & 926/AHD/2016 FOR A.Y.1997-98 2 HAS RECEIVED FORM-3 OF VSV-20 AND THIS APPEAL MAY BE DISMISSED AS WITHDRAWN. THE LD AR FOR THE ASSESSEE ALSO FILED THE COPY OF FORM-3 OF VSV- 20 BEARING ACKNOWLEDGEMENT NO.340039850110421. THE LD.AR FOR THE ASSESSEE PRAYED FOR WITHDRAWAL OF BOTH THE APPEALS. 3. ON THE OTHER HAND, THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (SR.DR) SUBMITS THAT SHE HAS NO OBJECTION IF THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 4. WE HAVE CONSIDERED THE SUBMISSIONS OF LD. REPRESENTATIVE OF BOTH THE PARTIES AND HAVE SEEN THE CONTENTS OF FORM-3 OF VSV -20. WE FIND THAT THE ASSESSEE SETTLED ALL THE DISPUTE IN QUANTUM ASSESSMENT FOR THE YEAR UNDER CONSIDERATION, THEREFORE, AS PER THE SCHEME OF VSV-2020, THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE ACT ALSO STAND SETTLED. HENCE, THE PRAYER OF ASSESSEE FOR WITHDRAWAL OF APPEALS ARE ALLOWED. THE ASSESSING OFFICER IS DIRECTED TO PASS CONSEQUENTIAL ORDER AS PER CBDT CIRCULAR NO. 3/2021 DATED 04.03.2021. 5. IN THE RESULT, BOTH APPEALS OF THE ASSESSEE ARE DISMISSED AS SETTLED. ORDER ANNOUNCED AT THE TIME OF HEARING OF APPEAL ON 25 TH MAY 2021 IN THE VIRTUAL COURT HEARING. SD/- SD/- (DR ARJUN LAL SAINI) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER SURAT, DATED: 25/05/2021 / SGR M/S.JANAK COTTON, CO., ITAS NO.925 & 926/AHD/2016 FOR A.Y.1997-98 3 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR TRUE COPY/ BY ORDER / / TRUE COPY / / ASSISTANT REGISTRAR, ITAT, SURAT