What did the Tribunal hold?

The Tribunal granted permission for the withdrawal of the appeal. The appeal was dismissed as withdrawn by the assessee.

The assessee filed an appeal for assessment year 2016-17. During the hearing, the assessee requested to withdraw the appeal as it no longer had any tax impact.

What were the issues?

The primary issue was whether the appeal should be allowed to be withdrawn by the assessee due to the lapse of brought forward long-term capital loss.

Narayanan Subramaniam, Gurgaon vs ACIT | ITAT Delhi 2022

Income Tax Appellate Tribunal, [ DELHI BENCH “S.M.C.” : DELHI ]

Before: SHRI CHALLA NAGENDRA PRASAD, S.M.C.

For Appellant: Shri Manish Bhalla, C. A.;

For Respondent: Shri Sumesh Swani, Sr. D. R.;

Hearing: 30/06/2022

आदेश / O R D E R PER C. N. PRASAD, J. M. :

This appeal is filed by the assessee for assessment year 2016-17 against the order of the ld. Commissioner of Income Tax (Appeals)-43 [hereinafter referred to CIT (Appeals)] New Delhi, dated 7.06.2019.

At the time of hearing the ld. Counsel for the assessee submitted an application dated 2.05.2022 for permission of withdrawal of the appeal stating as under:-

“The appeal no longer has any tax impact/benefit for the appellant. Even if, the appeal is decided in favour of the appellant it would only increase the brought forward long- term capital loss pertaining to the Assessment Year 2011-12. It is submitted before your Honours that brought forward long-term capital loss of AY 2011-12 have already lapsed unutilized since more than 8 years have passed from the end of the AY 2011-12. In view of the above, the appeal has become infructuous.”

The ld. DR has no objection.

After hearing both the parties and in view of the position permission is granted for withdrawal of the impugned appeal.

In the result, appeal of the assessee is dismissed as withdrawn.

Order pronounced in the open court on : 30/06/2022.

NARAYANAN SUBRAMANIAM,GURGAON vs. ACIT CIRCLE INTERNATIONAL TAXATION 3(1)(2), NEW DELHI

What did the Tribunal hold?

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