Scan Ispat Limited Vs DCIT (ITAT Raipur)
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
Facts- Scrutiny assessment of the assessee was completed against the assessee u/s 144 of the Act on 18.12.2017 by making an addition of Rs.3,43,00,000/- u/s 68 of the Act on account of unexplained cash credit received in the garb of share capital and share premium. Aggrieved with the aforesaid addition, assessee preferred an appeal before the Ld. CIT(A), however, the impugned assessment u/s 144 dated 18.12.2017 set aside to the files of Ld. AO in terms of powers conferred upon the Ld. CIT(A) u/s 251 of I. T. Act, 1961 (as amended by Finance Act, 2024 w.e.f. 01.10.2024). Being aggrieved, the present appeal is filed.
Conclusion- Held that the assessee had already initiated the proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1 and undertaking, in order to settle the dispute involved in the captioned appeal. The assessee had requested to keep the appellate proceedings in abeyance on account of its preference to go for VSVS-2024, but we are not inclined to accept such request. Rather, we find it appropriate to dismiss the appeal of the assessee, treating the same as withdrawn, as the assessee had already filed Form 1 by opting the alternate remedy available under VSVS-2024, thus, there is no need to keep the matter pending for adjudication on merits.
