M/S. AMIT ENTERPRISES HOUSING LIMITED,,PUNE vs. PRINCIPAL COMMISSIONER OF INCOME-TAX, CENTRAL),, PUNE

PER INTURI RAMA RAO, AM: These are the appeals filed by the assessee directed against the separate orders of ld. Pr. Commissioner of Income Tax (Central), Pune common dated 31.03.2021 for the assessment years 2016-17 and 2017-18. 2. When the matter had come up for hearing, ld. AR for the assessee filed a letter dated 24.05.2022 seeking permission to withdraw the above captioned appeals. The relevant contents of the said letter dated 24.05.2022 are reproduced hereunder :- “In this regard it is respectfully submitted that the Appellant had filed the appeal before Your Honours against the order of the Hon'ble Principal Commissioner of Income-Tax ('PCIT') passed u/s 263 of the Income-tax Act, 1961 ('the Act') dated 31st March, 2021, wherein the Hon'ble PCIT has set aside the assessment order u/s 143(3) r.w.s 153A dated 27th December, 2018 for the year under consideration, with specific directions to verify the year on year revenue recognition and estimated cost of construction. Subsequently, the Learned Assessing Officer ('Ld. AO') has passed the assessment order u/s. 143(3) r.w.s. 263 of the Act wherein after verification of issues as required by the Hon'ble PCIT, no addition has been made by the Ld. AO. In view of the fact that there are no adverse implications of the order passed u/s. 263 of the Act and to avoid cost of litigation, the Appellant requests your Honour to kindly allow the Appellant to withdraw the appeal mentioned above, for the kind act of which the Appellant shall be much obliged.”