Case Number: ITA 1460/DEL/2019
Appellant: Cryoviva Biotech P. Ltd. (Formerly known as M/s Cryobanks International India Pvt. Ltd.), New Delhi
Respondent: ACIT, Circle-5(2), New Delhi
Assessment Year: 2014-15
Case Filed On: 2019-02-21
Order Type: Final Tribunal Order
Date of Order: 2020-12-30
Pronounced On: 2020-12-30
The present appeal has been preferred by Cryoviva Biotech P. Ltd. (hereinafter referred to as the Assessee) against the order dated 24th September 2018 of Ld. CIT(A)-33, New Delhi, arising out of the assessment order for the assessment year 2014-15.
The assessee, Cryoviva Biotech P. Ltd., filed an appeal against the assessment order passed by the ACIT, Circle-5(2), New Delhi, for the assessment year 2014-15. The appeal was related to certain disallowances and additions made by the Assessing Officer (AO) under various sections of the Income Tax Act, 1961.
During the pendency of the appeal, the assessee decided to opt for the Vivad Se Vishwas Scheme, 2020, introduced by the Government of India to resolve tax disputes. The scheme provided an opportunity to taxpayers to settle their tax disputes by paying a specified percentage of the disputed tax and getting a waiver of interest and penalties.
On 27th December 2020, the learned counsel for the assessee submitted a letter requesting withdrawal of the appeal filed by the assessee, stating that the assessee had opted to settle the dispute relating to the tax arrears for the assessment year under consideration under the Vivad Se Vishwas Scheme, 2020. A certificate to this effect under Section 5(1) of The Direct Tax Vivad Se Vishwas Act, 2020, was also filed.
The tribunal, comprising Shri G.S. Pannu, Vice-President, and Shri K.N. Chary, Judicial Member, accepted the request of the assessee for withdrawal of the appeal. The learned Senior DR had no objection to this withdrawal.
As a result, the appeal of the assessee was dismissed as withdrawn. The decision was announced in the presence of both parties on conclusion of the virtual hearing held on 30th December 2020.
In conclusion, the appeal filed by Cryoviva Biotech P. Ltd. for the assessment year 2014-15 was withdrawn under the Vivad Se Vishwas Scheme, 2020. The tribunal accepted the withdrawal request, and the appeal was dismissed. This case highlights the use of the Vivad Se Vishwas Scheme to resolve tax disputes efficiently, providing relief to taxpayers from prolonged litigation.
Order pronounced in the open court on 30/12/2020 by Shri G.S. Pannu, Vice-President, and Shri K.N. Chary, Judicial Member.
Case Reference:
ITA No. 1460/Del/2019
Appellant: Cryoviva Biotech P. Ltd. (Formerly known as M/s Cryobanks International India Pvt. Ltd.), New Delhi
Respondent: ACIT, Circle-5(2), New Delhi
Assessment Year: 2014-15
This related appeal was also withdrawn under the Vivad Se Vishwas Scheme, 2020, and dismissed by the tribunal.
The final judgment for the appeal (ITA No. 1460/DEL/2019) was pronounced in the open court on 30/12/2020 by the Vice-President and Judicial Member of the tribunal, dismissing the appeal as withdrawn under the Vivad Se Vishwas Scheme, 2020.
Order pronounced in the open court on 30/12/2020 by:
(K.N. CHARY)
JUDICIAL MEMBER
(G.S. PANNU)
VICE-PRESIDENT
Dated: 30/12/2020
Amit Kumar
Copy forwarded to:
Assistant Registrar
Cryoviva Biotech vs ACIT Circle-5(2): Appeal Withdrawal under Vivad Se Vishwas Scheme
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