Aquatech Systems (Asia) Pvt.Ltd, Pune V. Deputy Commissioner of Income tax, Pune

ITA 972/PUN/2017

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 3977 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 19-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SANGRAM GAIKWAD
• Keywords: Sale consideration of property below Jantri Value
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, PUNE (THROUGH VIRTUAL COURT) BEFORE SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, J UDICIAL M EMBER . / I TA NO. 972 /PUN/20 17 / ASSESSMENT YEAR : 2012 - 13 AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED S. NO.244/2, RAJIV GANDHI INFOTECH PARK, HINJEWADI, PUNE - 411 057. PAN : AABCA1850C ....... / APPELLANT / V/S. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PUNE. / RESPONDENT A SSESSEE BY : SHRI PRATIK PODDAR REVENUE BY : SHRI SANGRAM GAIKWAD / DATE OF HEARING : 0 9 . 0 3 .202 1 / DATE OF PRONOUNCEMENT : 09 . 03 .2021 / ORDER THIS APPEAL PREFERRED BY THE ASSESSEE EMANATES FROM THE DIRECTION OF THE LD. DISPUTE RESOLUTION PANEL (DRP) - 3, MUMBAI DATED 28.12.2016 FOR THE ASSESSMENT YEAR 2012 - 13 AS PER THE GROUNDS OF APPEAL ON RECORD. 2 ITA NO. 972 /PUN/20 17 A.Y. 2012 - 13 2. THE LD. AR FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE WANTS TO WITHDRAW THE APPEAL AS THE ASSESSEE HAS OPTED FOR VIVAD SE VISHWAS SCHEME AND HAS FILED AN APPLICATION ON 03.03.2021 ALONG WITH FORM - 3 BY STATING AS FOLLOWS : RE. AQUATECH SYSTEMS (ASIA) PRIVATE LIMITED (THE APPELLANT) ASSESSMENT YEAR 2012 - 13 PAN : AABCA1850C ITA NO.972/P UN/2017 SUB : REQUEST FOR WITHDRAWAL OF APPEAL WITH DUE RESPECT TO THE CAPTIONED APPEAL, THE APPELLANT HAS OPTED TO SETTLE THE DISPUTE UNDER VIVAD SE VISHWAS ACT, 2020 (VSV ACT). ACCORDINGLY, THE APPELLANT HAS MADE DECLARATION IN FORM NO.1 & 2 AS SPECIFIED IN VIVAD SE VISHWAS RULES, 2020 (VSV RULES) ON 24 TH DECEMBER, 2020. PURSUANT TO THE FILING OF FORM NO.1 & 2, THE APPELLANT IS IN RECEIPT OF FORM NO.3 DATED 01 ST JANUARY, 2021 ( ATTACHED AS ANNEXURE - 1), ISSUED BY THE DESIGNATED AUTHORITY WHEREIN THE TOTAL TAX PAYABLE /REFUNDABLE HAS BEEN DETERMINED. ON RECEIPT OF FORM NO.3, THE APPELLANT UNDER SECTION 4(3) OF THE VSV ACT IS REQUIRED TO WITHDRAW THE APPEAL AND FURNISH PROOF OF WITHDRAWAL ALONG WITH INTIMATION OF PAYMENT TO THE DESIGNATED AUTHORITY IN FORM 4. IN VIEW OF THE ABOVE, THE APPELLANT CRAVES LEAVE TO WITHDRAW THE CAPTIONED APPEAL. 3. THE LD. DR HAS NO OBJECTION IN CASE THE ASSESSEE WISHES TO WITHDRAW THE APPEAL. HENCE, WE PERMIT THE WITHDRAWAL. APPEAL OF ASSESSEE IS DISMISSED BEING WIT HDRAWN. 4. IN THE RESULT , THE APPEAL OF ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRO NOUNCED ON 09 TH DAY OF MARCH , 20 2 1 . SD/ - SD/ - INTURI RAMA RAO PARTHA SARATHI CHAUDHURY ACCOUNTANT MEMBER JUDICIAL MEMBER / PUNE; / DATED : 09 TH MARCH , 202 1 SB 3 ITA NO. 972 /PUN/20 17 A.Y. 2012 - 13 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT(APPEALS) - 13, PUNE. 4. THE PR. CIT - 5, PUNE. 5 . , , , / DR, ITAT, C BENCH, PUNE. 6 . / GUARD FILE. / BY ORDER, // TRUE COPY // / PRIVATE SECRETARY , / ITAT, PUNE . 4 ITA NO. 972 /PUN/20 17 A.Y. 2012 - 13 DATE 1 DRAFT DICTATED ON 09 . 03 .202 1 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 09 . 03 .202 1 SR.PS/PS 3 DRAFT PROPOSED AND PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/JM 5 APPROVED DRAFT COMES TO THE SR. PS/PS SR.PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7 DATE OF UPLOADING OF ORDER SR.PS/PS 8 FILE SENT TO BENCH CLERK SR.PS/PS 9 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 10 DATE ON WHICH FILE GOES TO THE A.R 11 DATE OF DISPATCH OF ORDER