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Income Tax Appellate Tribunal, AHMEDABAD – BENCH ‘A’
Before: SHRI RAJPAL YADAV, VICE- & SHRI WASEEM AHMED
PER WASEEM AHMED, ACCOUNTANT MEMEBR: Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-6, Ahmedabad dated 11.7.2018 passed for the Asstt.Year 2013-14.
When the case was taken up for hearing, it is brought to the notice of the Bench that assessee through its authorized representative, Shri Pawan Kumar Kast has filed a letter dated 1.12.2020 seeking withdrawal of its appeal pending before the Tribunal. Contents of the said letter read as under:
“ ….. Re: Sterlite Technologies Limited ('STL') Assessment Year ('AY') 2013-2 Hearing scheduled on 3 December 2020 - Withdrawal of appeal We refer to the captioned appeal scheduled for hearing on 3 December 2020 before Your Honours. In connection with the same, we respectfully submit that STL has filed this appeal before Your Honour's on the ground of ailowability of impermissible foreign tax credit under Section 37(1) of the Act. The issue is covered in favour of STL by later decision of the present bench in the case of Virmati Software & Telecommunication limited vs DCIT (ITA No. 1135/AHD/2017).
However, STL believes that entire foreign tax credit shall in-fact be allowed as credit against taxes by the learned Assessing officer to STL while passing order giving effect to CIT (A)'s order. Hence, the question of allowing the impermissible foreign tax credit as deductible expense under section 37 becomes academic.
In view of the same, STL wishes to withdraw this appeal filed before this Hon'ble Tribunal.
We trust Your Honours would accept our request. The inconvenience caused to Your Honours is highly regretted.
Thanking you, Yours faithfully, For Sterlite Technologies Ltd. Sd/- Pawan Kumar Kast Authorised Signatory.”
The AR of the assessee accordingly prays that in view of the issue being academic in nature only, the assessee does not want pursue its appeal, the same may accordingly be allowed to be withdrawn.
In view of the above letter of the assessee and request of the AR of the assessee, for want of prosecution, appeal of the assessee is dismissed as withdrawn.