2021 (8) TMI 1434 - AT - Income Tax

Vivad se Vishwas Scheme - settlement of pending disputes - Assessee submitted that the Department has accepted application filed by the assessee and issued Form 3 quantifying amount of taxes payable under VSVS scheme therefore assessee submitted that the appeal filed by the Revenue may be dismissed as withdrawn. DR on the other hand has no objection for dismissing the appeal as the Designated Authority has issued Form 3. HELD THAT - Considering the fact that the assessee has filed application for withdrawal of appeal and has also filed Form 3 issued by the Department we dismiss the appeal filed by the Revenue as withdrawn. However a liberty is given to the assessee to restore the appeal in case the application filed by the assessee before the Designated Authority is rejected for any reason. Appeal filed by the Revenue is dismissed as withdrawn.

Summary

In the case before the ITAT Chennai, the Revenue's appeal against the order of CIT(A)-11, Chennai for the assessment year 2009-10 was addressed. The assessee, represented by counsel, submitted a letter and Form No. 3 under the 'Vivad se Vishwas Scheme, 2020' (VSVS), indicating settlement of pending disputes. The Department accepted this application, and Form 3 quantifying the taxes payable was issued. Consequently, the assessee requested dismissal of the Revenue's appeal as withdrawn, to which the Department raised no objection. The Tribunal, comprising Shri Duvvuru RL Reddy and Shri G. Manjunatha, dismissed the appeal as withdrawn, granting the assessee liberty to restore the appeal if the Designated Authority rejects their application. The order was pronounced on August 31, 2021.