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Tax Appellate Tribunal (ITAT), Bangalore, dismissed the appeal filed by the assessee for Assessment Year 2015-16 as withdrawn.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 According to the assessee, under Section 5(1) of the Vivad Se Vishwas Act, a pending appeal is deemed to have been withdrawn upon issuance of Form 3.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before the Tribunal expressing her intention to withdraw the appeal and requested that the appeal be dismissed as withdrawn.
