Re: Appeals withdrawn from Itat for VSVS can be restored

Assessee has withdrawn 4 appeals in Feb 21 filed in ITAT on the fact taking these in VSVS option . Itat allowed the withdrawn in Feb 21 by passing orders.
Noe assessee want to get appeals restored in ITAT as VSVS could not be materialised.

Can restoration is permissible after 10 months u/s 254 of itact? Or under Itat rules.

The assessee can make an application under section 254(2)) of the Act , for restoration of appeal . The application for restoration may have to be made expeditiously . The period of limitation is prescribed under the Income tax Act  is not applicable  for restoration of appeal as per VSVS Act.  In  E. Sankaran v. ITO (2021) 279 Taxman 180 (Mad.)(HC) Bhimaas Engineering and Projects Pvt Ltd v. Dy CIT ( 2021) 430 ITR 519 ( Mad) (HC)  , Ind Mark Properties P .Ltd  v. ACIT ( 2021) 430 ITR 500 ( Mad) (HC)  the Court held  that the assessee was to be given liberty to restore appeal in event ultimate decision to be taken on declaration filed by assessee under section 4 was not in favour of assessee .  

 

 

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