AI Structured Summary
Not yet generated for this judgment
Judgment
The captioned appeal has been filed by the Revenue against the order passed by the Commissioner of Income Tax (Appeals)-2, Ludhiana,("CIT", for short) dated 30.10.2018 arising from the Assessment Order passed by the Assessing Officer under Section 143(3) of the Income Tax Act, 1961, ("the Act", for short) dated 29.01.2014 concerning Assessment Year 2011-12.
As per its grounds of appeal, Revenue has challenged the reversal of additions made by the Assessing Officer under section 14A of the Act.
When the captioned appeal of Revenue was called for hearing, the Ld. Counsel for the assessee, at the outset submitted that the assessee has sought to avail 'Vivad Se Vishwas Scheme, 2020' (VSVS) read with Rule framed thereunder. The necessary formality in this regard was stated to be carried out with the Revenue Authorities. The Ld. Counsel accordingly submitted that he does not seek to defend the said appeal owing to exercise of option for availing the VSV Scheme and consequently urged that assessee's request for closure of Revenue's appeal may be granted.
The Ld. CIT (DR) for Revenue stated that he has no objection to withdrawal of revenue appeal having regard to the application from assessee to avail ongoing scheme.
In the light of written request made on behalf of the Assessee, the captioned appeal by Revenue is dismissed in limine. However, in the event, the assessee fails to avail the benefit of VSV Scheme for any reasons, the Revenue will be at liberty to seek restoration of original appeal for hearing before ITAT in accordance with law.
In the result, the captioned appeal of Revenue is dismissed, in limine.