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Income Tax Appellate Tribunal, DELHI BENCH “I-2”: NEW DELHI
Before: SHRI R.K. PANDA & MS. ASTHA CHANDRA
O R D E R PER ASTHA CHANDRA, JM This appeal by the assesee for the assessment year 2014-15 is directed against the order of the Ld. ACIT, Circle -22(1) New Delhi under section 143(3) read with section 144C of the Income Tax Act, 1961, dated 30th August, 2019.
At the time of hearing before us, the Ld. Counsel for the assessee requested for withdrawal of the appeal filed by the assessee with an intent to drop any prolonged litigation. The assessee vide letter dated 10th January, 2022 has informed as follows :- “This is with reference to the notice dated 08 December 2021 wherein the hearing is scheduled for 17 January 2022. In this regard, we would like to apprise the Hon’ble Bench that we have received the rectification order from the Ld. TPO wherein all the additions made are reduced to Nil covering all grounds from Ground No. 1 to 10 raised in appeal before the Hon’ble Bench, except Ground No. 4 which is reproduced as under :-
4. That the Ld. DRP and LD. TPO has erred in facts and law in not granting the Production Capacity benefit or cost adjustment to the appellant and not considering all the details/documents available on record in toto.
Without prejudice to the right of the Appellant to contest on the above ground of appeal in any further proceedings, the Appellant is of the considerable view that since the demand raised is reduced to Nil and there is no monetary obligation on the Appellant, the appeal filed should be withdrawn. The rectified appeal effect order covering all the grounds as issued by Ld. TPO is enclosed as Annexure 1 for ready reference of the Hon’ble Bench.
Would request the Hon’ble Bench to please allow us to withdraw the appeal with an intent to drop any prolonged litigation.”
Ld. Counsel for the Revenue had no objection to the prayer of the assessee for withdrawal of the appeal.
Without going into the merits the request of the assessee for withdrawal of the appeal is accepted.
In the result, the appeal of the assessee is dismissed as withdrawn.