JUPITER SOLAR POWER LIMITED ,KOLKATA vs. PCIT, CENTRAL-1, , KOLKATA

The assessee has challenged the revisionary orders for both the years on the ground that the revisionary jurisdiction exercised by ld PCIT qua the allowability of claim of deduction u/ 43B in respect of which no incriminating material was found during the course of search, is invalid.

At the outset, the Ld. Counsel for the assessee prayed before the Bench the assessee may be allowed to withdraw these two appeals as the AO in the set aside assessment proceedings, which culminated in passing the orders u/s 263/143(3)/153A of the Act dated 12.12.2009, has accepted the contentions of the assessee and has not made addition in respect of issues as proposed by the PCIT in the order passed u/s 263 of the Act. The Ld. A.R., therefore, prayed before the Bench that these appeals may be allowed to be withdrawn. The ld DR also conceded to this fact that AO has not made any addition in the assessment framed u/s u/s 263/143(3)/153A. In view of these facts and circumstances , both the appeals of the assessee are dismissed as withdrawn.