Case Law Details
Smt. M. K. Rajeshwari Vs ACIT (ITAT Bangalore)
The Income Tax Appellate Tribunal (ITAT), Bangalore, dismissed the appeal filed by the assessee for Assessment Year 2015-16 as withdrawn. The appeal had been filed against the order of the Commissioner of Income Tax (Appeals), Gulbarga, dated March 20, 2018. The substantive issue raised by the assessee related to the action of the Assessing Officer (AO) in treating income of ₹42.35 lakh, which had been declared under the head Long-Term Capital Gains (LTCG), as business income instead.
During the course of the proceedings before the Tribunal, the assessee informed the Bench through a letter dated August 24, 2020, that she had opted to settle the dispute under the Vivad Se Vishwas Act, 2020. It was submitted that Forms 1 and 2 under the said Act had been filed on May 7, 2020. The assessee further stated that Form 3 had been issued by the designated authority on August 6, 2020. According to the assessee, under Section 5(1) of the Vivad Se Vishwas Act, a pending appeal is deemed to have been withdrawn upon issuance of Form 3. Following receipt of Form 3, the assessee filed a letter before the Tribunal expressing her intention to withdraw the appeal and requested that the appeal be dismissed as withdrawn.
The Departmental Representative did not object to the withdrawal request. Accordingly, the Tribunal permitted the assessee to withdraw the appeal and dismissed the same as withdrawn. The merits of the dispute regarding characterization of the income were not adjudicated.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
This appeal is filed by the assessee and the same is directed against the order of learned CIT(A), Gulbarga, dated 20.03.2018, for Assessment Year 2015-16.
2. In this appeal, the assessee has raised various grounds but the only issue on merit raised by the assessee is regarding the action of the AO in assessing income of Rs. 42.35 Lacs declared by the assessee under the head LTCG as business income
3. In the course of hearing, it is seen that on 24.08.2020, the assessee has filed a letter in which it is stated that the assessee has opted to file an application under Vivad Se Vishwas Act, 2020 and the necessary Form Nos. 1 and 2 under the said Act were filed on 07.05.2020. It is also stated in the said application that under section 5(1) of the said Act, the pending appeal is deemed to have been withdrawn on the issue of Form 3 by the designated authority and the assessee has received form 3 dated 06.08.2020 and after receipt of form 3, the assessee has filed a letter before the Tribunal on 13.08.2020 in which it is stated by the assessee that the assessee intends to withdraw the application filed by the assessee. It is stated by the assessee in the present application that the present appeal may be dismissed as withdrawn. Learned DR of the Revenue had no objection for withdrawal of the appeal.
4. The assessee is permitted to withdraw the appeal and the same is dismissed as withdrawn.
In the result, assessee’s appeal is dismissed as withdrawn.
Pronounced in the open court on the date mentioned on the caption page.
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