LATA AGARWAL,BAREILLY V. DCIT, BAREILLY

ITA 255/LKW/2023

AI Insights

The case involves Lata Agarwal, the appellant, who contested an order from the Deputy Commissioner of Income Tax (DCIT), Bareilly, which treated her exempted capital gain as unexplained cash credits under section 68 of the Income Tax Act, resulting in an addition of Rs. 57,00,000. The appeal was directed against the order of the Learned Commissioner of Income-tax (Appeals)-3, Lucknow. However, before the Tribunal could deliberate on the merits of the case, the appellant decided to withdraw the appeal following her application to the Direct Tax Vivad se Vishwas Scheme, 2024. The Tribunal's decision to allow the withdrawal was unopposed by the Departmental Representative.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 471457 (ITAT-LUCKNOW)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-01-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SANJEEV KRISHNA SHARMA; ADDL
• Assessee Lawyers: RAVINDER AGGARWAL
• Keywords: Unexplained cash credit

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW BEFORE SHRI KUL BHARAT, VICE PRESIDENT AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.255/LKW/2023 (Assessment Year: 2014-15) Lata Agarwal 35-A/6 Rampur Garden Bareilly-243001, Uttar Pradesh. v. DCIT, Bareilly Aaykar Bhawan Civil Lines, Bareilly-243001. PAN:AANPA0616R (Appellant) (Respondent) Appellant by: Shri Ravinder Aggarwal, CA Respondent by: Shri. Sanjeev Krishna Sharma, Addl CIT(DR) Date of hearing: 20 01 2025 Date of pronouncement: 23 01 2025 O R D E R PER KUL BHARAT, VICE PRESIDENT.: This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax (Appeals)-3, Lucknow dated 22.06.2023 pertaining to the assessment year 2014-15. The assessee has raised the following grounds of appeal: - “1. On the facts and circumstances of the case, the order passed by the learned authorities below is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, the Ld. authorities below have erred in law as well as in facts by confirming the order passed by the AO in treating the exempted capital gain as unexplained cash credits and thereby making the addition u/s 68 of Rs. 57,00,000/-. 3. On the facts and circumstances of the case, the learned authorities below have erred both on facts and in law in confirming the addition despite the fact that no defect/ any factual error was pointed out by the AO as well as CIT(A) in the documents filed and explanation given by the assessee during the Course of assessment and appellate proceedings. 4. That the Ld. authorities below have erred both on facts and in law in confirming the addition without bringing any adverse material or evidence on record. 5. That the appellant craves leave to add, amend or alter any of the grounds of appeal.” ITA No.255/LKW/2023 Page 2 of 3 2. At the outset, the Ld. Counsel for the assessee submitted that the dispute has been settled under the Direct Tax Vivad se Vishwas Scheme, 2024 and prayed for withdrawal of the appeal. And a letter dated 18.01.2025 along with Form no. 1 is placed on record. The relevant contents of the letter dated 18.01.2025 is reproduced as under: - “The assessee has opted for Vivad Se Vishwas 2024 as announced by the Government w.e.f. 01.10.2024. Copy of Form 1 in this regard is enclosed herewith. In view of above, you are most humbly requested to deem the appeal as withdrawn.” 3. The Learned Departmental Representative has no objection for withdrawal of the appeal. 4. In view of the facts discussed above, we permit the assessee to withdraw this appeal. Accordingly, the appeal is dismissed as withdrawn. However, a liberty is given to the assessee for approaching the Tribunal for restoration of this appeal in the event of failure of settlement of tax disputes. 5. In the result, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the open Court on 23/01/2025. Sd/- Sd/- [ANADEE NATH MISSHRA] [KUL BHARAT] ACCOUNTANT MEMBER VICE PRESIDENT DATED: 23/01/2025 Vijay Pal Singh, (Sr. PS) ITA No.255/LKW/2023 Page 3 of 3 Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. DR 5. Guard file By order //True Copy// Assistant Registrar "