INTERNATIONAL CARGO TERMINALS & RAIL INFRASTRUCTURE PRIVATE LIMITED (FORMERLY KNOWN AS BOXTRANS LOGISTRICS (INDIA) SERVICES PRIVATE LIMITED,MUMBAI vs. DCIT-1(1), MUMBAI

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ITA 7440/MUM/2017Status: DisposedITAT Mumbai18 March 2021AY 2010-112 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 assessee requested to withdraw both appeals to avoid protracted litigation and buy peace of mind. The Tribunal permitted the withdrawal.

What were the facts?

The assessee filed appeals against the orders of the CIT(A) for assessment years 2009-10 and 2010-11. The appeals were related to disallowances on account of forex loss.

What were the issues?

Whether the assessee can withdraw their appeal against a disallowance of forex loss.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI MAHAVIR SINGH & SHRI S. RIFAUR RAHMAN

For Appellant: Shri Urnish Chokshi
For Respondent: Ms. Shreekala Pardeshi
Pronounced: 18.03.2021

O R D E R Per Mahavir Singh, VP: These appeals by the assessee are arising out of the order of the Commissioner of Income Tax (Appeals)-6, Mumbai (‘CIT(A)’ for short) in appeal no. CIT(A)-6/IT- 61/116/2016-17 vide order dated 03.10.2017. The assessment was framed by the ACIT, Circle-1(1), Mumbai u/s. 143(3) of the Income Tax Act, 1961 (‘the Act’ hereinafter) for the assessment years (A.Y.) 2009-10 and 2010-11.

2.

At the outset, the ld. Counsel of the assessee stated that the assessee has filed letter dated 03.03.2021, wherein both the appeals the assessee want to withdraw. The relevant text of the identical letter reads as under:

1.

2 & 7440/Mum/2017 (Assessment Years: 2009-10 & 2010-11) International Cargo Terminals & Rail Infrastructure Pvt. Ltd. vs. Asst. CIT Out above appeal is fixed for hearing on 18.03.2021 before ‘C’ Bench. This appeal was filed to contest the disallowance on account of forex loss for A.Y. 2009-10. Since the matter is very old and in order to buy peace of mind and avoid protracted litigations, we have decided to withdraw the appeal. There would be no tax demand or liability due to the withdrawal of the appeal on account of assessed losses. We request your honour to allow us to withdraw above appeal.

3.

Similar is the letter for the A.Y. 2010-11 in .

4.

Since the assessee want to withdraw these appeals, the ld. Sr. DR was asked for his response. The ld. Sr. DR has not objected to withdraw of these appeals. Hence, we permit the withdrawal and dismiss the appeals as withdrawn.

5.

In the result, the assessee’s appeals are dismissed as withdrawn. Order pronounced in the open court on 18.03.2021. Sd/- Sd/- (S. Rifaur Rahman) (Mahavir Singh) Accountant Member Vice President Mumbai; Dated : 18.03.2021 Roshani, Sr. PS Copy of the Order forwarded to : 1. The Appellant 2. The Respondent 3. The CIT(A) 4. CIT - concerned 5. DR, ITAT, Mumbai 6. Guard File BY ORDER,

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