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Income Tax Appellate Tribunal, DELHI BENCH ‘C’ NEW DLEHI
Before: SHRI R.K. PANDA & SHRI K. NARASIMHA CHARY
PER K. NARASIMHA CHARY, J.M. Challenging the order dated 28.03.2008 passed by the learned Commissioner of Income Tax-IV, New Delhi (“the Ld. CIT”), for the assessment year 2003-04, M/s. IBM Daksh Business Process Services (P) Ltd.(“the assessee”), preferred this appeal.
Brief facts are that subsequent to assessment u/s. 143(3) of the Income Tax Act, 1961 (“the Act”) by order dated 30.03.2006 in the case of assessee, M/s. IBM Daksh Business Process Services (P) Ltd. for assessment year 2003-04, ld. CIT in exercise of powers u/s 263 of the Act passed the order dated 28.03.2008 holding that the foreign exchange gain of Rs.1,22,18,371/- cannot be held as capital receipts and therefore, revised the order directing the Assessing Officer to decide the issue afresh. Pursuant to such order u/s. 263 of the Act, ld. Assessing Officer passed the order u/s. 143(3) read with section 263 of the Act. is preferred by the assessee against the order passed u/s. 263 of the Act, whereas was preferred against the order passed u/s. 143(3) read with section 263 of the Act.
Today, when this matter was called, the ld. AR submitted that the assessee opted settlement of the dispute involved in which was against the order passed u/s. 143(3) r.w.s.263 of the Act and recording the said fact, a co-ordinate Bench of this Tribunal dismissed the appeal as withdrawn by order dated 19.02.2021. He, therefore, submits that in view of the settlement of the dispute in ITA No. 3871/Del/2019, the very basis for stands deleted and therefore, this appeal has become infructuous. In view of this, ld. DR reports no objection. Recording the same, this appeal is dismissed as withdrawn.
In the result, the appeal is dismissed.
Order was announced on conclusion of Virtual Hearing in the presence of both the parties on this the 23rd day of February, 2021.