M/S KAMAL AUTO FINANCE PVT. LTD.,JAIPUR V. DCIT, CIRCLE-1, JAIPUR, JAIPUR

ITA 1546/JPR/2024

AI Insights

The case involves M/s. Kamal Auto Finance Pvt Ltd, who appealed against the penalty imposed by the Assessing Officer (AO) for underreported income due to misreporting. The penalty was set at Rs. 52,012, which was 200% of the tax payable. The appellant decided to withdraw the appeal following the initiation of the Direct Tax Vivad Se Vishwas Scheme, 2024, which aims to resolve tax disputes. The tribunal's decision to dismiss the appeal was based on the appellant's request to withdraw the appeal in light of pursuing a settlement under this scheme.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 28525 (ITAT-JAIPUR)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-02-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2017-2018
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GAUTAM SINGH CHOUDHARY
• Assessee Lawyers: P.C. PARWAL; THROUGH VC
• Section: 250

Judgement Text

" vk;djvihyh; vf/kdj.k] t;iqj U;k;ihB] t;iqj IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, “SMC-Bench” JAIPUR Jh xxu Xkks;y] ys[kk lnL; ,o aJh ujsUnz dqekj] U;kf;d lnL; ds le{k BEFORE: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM vk;djvihy la-@ITA No. 1546/JP/2024 fu/kZkj.ko\"kZ@Assessment Year: 2017-18 M/s.Kamal Auto Finance Pvt Ltd. M.I. Road, GPO, Jaipur 302 001 cuke Vs. The DCIT Circle-1 Jaipur LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.:AACCK 1371 M vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assessee by : Shri P.C. Parwal, CA. (Through VC) jktLo dh vksjls@Revenue by: Sh. Gautam Singh Choudhary, JCIT-DR. lquokbZ dh rkjh[k@Date of Hearing : 25 /02/2025 mn?kks\"k.kk dh rkjh[k@Date of Pronouncement : 25/02/2025 vkns'k@ORDER PER: NARINDER KUMAR, JUDICIAL MEMBER By way of present appeal, assessee- a Private Limited Compay- has challenged the order dated 19-12-2024 passed by ld. CIT(A), NFAC, Delhi u/s 250 of the Income Tax Act (in short ‘’ the Act’’), relating to the assessment year 2017- 18, as appeal filed by the assessee company challenging the penalty order came to be dismissed. 2 ITA NO. 1546/JP/2024 M/S. KAMAL AUTO FINANCE PVT LTD VS DCIT, CIRCLE-1, JAIPUR 2. Vide order dated 11-03-2034, the AO imposed penalty of Rs.52,012/- i.e. @ 200% of the tax payable for underreported income in consequence of misreporting of income. 3. Today, when the appeal has been taken up, an application dated 17-01-2025 submitted on behalf of the appellant has been put up. In the application, the prayer is that this appeal be dismissed as having been withdrawn, as the appellant has moved appropriate application for settlement of the dispute availing of benefit of Direct Tax Vivad Se Vishwas Scheme, 2024. At the same time, it has been requested that the appellant be granted liberty to get the appeal revised, in case of no settlement under the Scheme i.e. Direct Tax Vivad Se Vishwas Scheme, 2024. 4. Alongwith application, copy of Form No. 2 has been submitted. Form No. 4 is stated to have not so far been issued. 5. Having regard to the prayer in the application and that the appellant intends to get the matter settled under Direct Tax Vivad Se Vishwas Scheme, 2024, as requested, this appeal deserves to be dismissed as having been withdrawn. Result 6. As a result, this appeal is dismissed as having been withdrawn . However, it is made clear that in case no settlement is arrived at under the said Scheme, the 3 ITA NO. 1546/JP/2024 M/S. KAMAL AUTO FINANCE PVT LTD VS DCIT, CIRCLE-1, JAIPUR assessee -appellant shall be at liberty to file appropriate application for restoration of the appeal, and that too in accordance with law. 7. Appeal file be consigned to record room after the needful is done by the office. Order pronounced in Open Court on 25-02-2025. Sd/- Sd/- (xxu Xkks;y) ¼ujsUnz dqekj½ (GAGAN GOYAL) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated 25/02/2025 *Mishra, Sr. PS vkns'k dh izfrfyfivxzsf’kr@Copy of the order forwarded to: 1. The Appellant- M/s. Kamal Auto Finance Pvt. Ltd. Jaipur 2. izR;FkhZ@ The Respondent- The DCIT, Circle-1,Jaipur 3. vk;djvk;qDr@ The ld CIT 4. foHkkxh; izfrfuf/k] vk;djvihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur 5. xkMZQkbZy@ Guard File ITA No.1546/JP/2024) vkns'kkuqlkj@ By order, lgk;diathdkj@Asstt. Registrar "