Raj Kumar Agarwal HUF Vs ACIT (ITAT Kolkata)
In the case of Raj Kumar Agarwal HUF Vs. ACIT (ITAT Kolkata), the assessee filed an appeal against the penalty order under Section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2013-14. The penalty was levied for an amount of Rs. 14,48,660, which the assessee contested, arguing that the additional income was voluntarily disclosed before receiving any reasons for the assessment. The assessee also maintained that the explanation provided was bona fide and that no penalty should have been levied. The case went through the CIT(A), but the penalty was upheld.
However, during the proceedings, the assessee informed the Tribunal that they had opted for the Vivad Se Vishwas Scheme, 2024, and requested the withdrawal of the appeal. The Vivad Se Vishwas Scheme allows taxpayers to resolve pending disputes by filing a declaration, and as per the scheme’s provisions, appeals before the ITAT or CIT(A) are considered withdrawn once a certificate is issued by the Designated Authority. The Tribunal accepted the request and dismissed the appeal as withdrawn, although it noted that if any circumstances arise requiring the appeal to be heard on merits, the assessee could file a Miscellaneous Application for restoration of the appeal.
