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Income Tax Appellate Tribunal, MUMBAI ‘SMC’ BENCH, MUMBAI
O R D E R Per Pramod Kumar, VP:
By way of this appeal, the assessee appellant has called into question correctness of the order dated 25th April 2019, passed by the learned Commissioner (Appeals) in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2015-16.
Grievance of the assessee appellant is as follows: 1. The Hon'ble CIT(A) has erred in law and on facts in disallowing the depreciation claimed by the appellant under the provisions o£ section 32 of the Act r.w. Rule 5 of the Income Tax Rules, 1962 on non-compete rights acquired form Gala Brush Limited without citing reasons thereof. He ought to have considered his own order passed on same grounds for a different year for the same assessee.
Assessment Year 2015-16 Page 2 of 2 2. The Ld. A.O. has erred on facts and in law in not allowing depreciation on goodwill without citing reasons thereof. He ought to have considered his own order passed on same grounds for a different year for the same assessee.
3. The Hon'ble CIT (A) has erred in confirming interest u/s 234B and 234C of the Act.
The appeal was called for the hearing. Our attention was invited to the letter dated 09th March, 2019 filed by the appellant seeking permission to withdraw this appeal.
The Ld. DR does not oppose to the prayers so made by the assessee.
In view of the above position, we deem it fit and proper to permit to withdraw the aforesaid appeal.
Accordingly, this appeal is dismissed as withdrawn. Pronounced in the open court today on the 27th November, 2020.