KONINKLIJKE VOPAK N V,MUMBAI vs. ASST CIT (IT) CIRCLE-3(1)92), MUMBAI

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ITA 7738/MUM/2019Status: DisposedITAT Mumbai09 September 2021AY 2016-172 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 for withdrawal due to restructuring. The Departmental Representative had no objection to the request.

What were the facts?

The assessee filed an appeal against the final assessment order. During the pendency of the appeal, the assessee sought to withdraw it due to ongoing restructuring and formation of a joint venture.

What were the issues?

The primary issue was whether the assessee's appeal should be permitted to be withdrawn due to business restructuring.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “I”, MUMBAI

Before: SHRI SAKTIJIT DEY (JM) & SHRI RAJESH KUMAR (AM)

For Appellant: Shri Kirit Kamdar (AR)
For Respondent: Shri N. Padmanaban (DR)
Hearing: 09/09/2021Pronounced: 09/09/2021

O R D E R PER SAKTIJIT DEY, JM Captioned appeal by the assessee is against final assessment order dated 16.09.2019 passed under section 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961, in pursuance to directions of learned Dispute Resolution Panel (DRP).

2.

Vide letter dated 08.09.2021 kept on record, the assessee has submitted that the assessee is undergoing process of restructuring and forming a joint venture with a new partner. Hence, the assessee has sought permission for withdrawal of the appeal to facilitate the restructuring.

3.

The learned Departmental Representative has no objection to the aforesaid request of the assessee.

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