SHEEL DIAMOND EXPORTS PRIVATE LIMITED ,MUMBAI vs. DCIT -5(3)(1), MUMBAI

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ITA 3387/MUM/2025Status: DisposedITAT Mumbai30 June 2026AY 2016-173 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The tribunal considered the assessee's request to withdraw the appeal. Since the assessee no longer wished to pursue the appeal, the tribunal permitted its withdrawal.

What were the facts?

The assessee filed an appeal before the ITAT for Assessment Year 2016-17. During the hearing, the assessee requested to withdraw the appeal.

What were the issues?

Whether the assessee should be permitted to withdraw its appeal before the tribunal.

Which sections of the Income-tax Act were involved?

Section 153,Section 144C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES, MUMBAI

Before: SMT. BEENA PILLAI & SHRI JAGADISH

For Respondent: Shri. Pravin Salunkhe, Sr. DR
Pronounced: 30/06/2026

आयकर अपील�य अ�धकरण, मुंबई पीठ�, मुंबई INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI BENCH: H BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER

ITA 3387/MUM/2025 िनधा�रण वष�/Assessment Year: 2016-17) SHEEL DIAMOND EXPORTS DCIT -5(3)(1) PRIVATE LIMITED ROOM NO. 573, 5TH FLOOR CC-7061, BHARAT DIAMOND AAYAKAR BHAVAN, M.K BOURSE BANDRA KURLA ROAD, Vs. COMPLEX BANDRA (EAST), MUMBAI-400020, MUMBAI-400051, MAHARASHTRA MAHARASHTRA अपीलाथ� Appellant ��थ� Respondent

Permanent Account Number of AAACS9161M Assessee:

अपीलाथ� �ारा/Appellant represented by: Shri. Sukhsagar Syal, AR ��थ� �ारा/Respondent represented by: Shri. Pravin Salunkhe, Sr. DR

सुनवाई की तारीख / Date of conclusion of hearing: 30-Jun-2026 घोषणा की तारीख / Date of pronouncement: 30/06/2026 आदेश / ORDER PER SMT. BEENA PILLAI, JUDICIAL MEMBER:

Present appeal filed by assesse arises out of the order passed by the Learned Commissioner of Income Tax (Appeals) – 58, Mumbai [hereinafter referred to as “Ld.CIT(A)”] dated 17/03/2025 for A.Y. 2016-17.

2.

At the time of hearing, the Bench was apprised that the assessee has filed a letter dated 27/06/2026 seeking permission to withdraw the present appeal. In the said letter, the assessee has

ITA 3387/MUM/2025 SHEEL DIAMOND EXPORTS PRIVATE LIMITED submitted that, in view of the recent amendments made to section 153 and section 144C of the Income-tax Act by the Finance Act, 2026, it no longer wishes to pursue the appeal and has requested that the same be permitted to be withdrawn. The assessee has, however, clarified that such withdrawal should not be construed as acquiescence to the correctness of the additions made by the Ld. AO.

The Ld. DR did not raise any serious objection to the request made by the assessee.

2.1. We have considered the request made by the assessee. Since the assessee does not wish to prosecute the present appeal and has sought permission to withdraw the same, we permit the withdrawal of the appeal. Accordingly, the appeal of the assessee is dismissed as withdrawn.

In the result, the appeal filed by the assessee is dismissed as withdrawn.

Order pronounced in the open court on 30/06/2026.

Sd/- Sd/-

JAGADISH BEENA PILLAI ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai Dated: 30/06/2026 SC, Sr. P.S.

ITA 3387/MUM/2025 SHEEL DIAMOND EXPORTS PRIVATE LIMITED Copy to: SHEEL DIAMOND EXPORTS PRIVATE LIMITED , CC-7061, BHARAT DIAMOND BOURSE 1 BANDRA KURLA COMPLEX BANDRA (EAST), MUMBAI-400051, MAHARASHTRA

DCIT -5(3)(1), ROOM NO. 573, 5TH FLOOR AAYAKAR 2 BHAVAN, M.K ROAD,, MUMBAI-400020, MAHARASHTRA

3 THE PCIT / CIT, 4 THE D.R., ITAT, MUMBAI BENCH 5 GUARD FILE

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