M/S. LANCO INFRATECH LTD.,GURGAON vs. ACIT, NEW DELHI

The appeal filed by the assessee is against the order dated 18.03.2016 passed by the CIT(A)-41, New Delhi pertaining to Assessment Year 2012-13.

The Ld. AR submitted the Letter dated 27th August, 2019 at the time of hearing for request for withdrawal of the appeal. The Ld. AR further submitted that since the filing of this appeal the assessee has been ordered to be liquidated in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 vide orders of the National Company Law Tribunal, Hyderabad (NCLT) dated 27th August, 2018. In light of the said fact and subsequent facts which have been highlighted herein below, it was submitted by the Ld. AR that the question presented for determination before this Tribunal remains only of academic importance since the assessee does not have sufficient funds to pay the balance dues to the Income Tax Department even if this appeal is dismissed. Therefore, the Ld. AR further submitted that the assessee is hereby withdrawing the appeal with the request that the withdrawal should not be considered as concession to the issues raised in the appeal. The Ld. AR further submitted that the assessee continue to dispute the correctness of the additions made by the Assessing Officer and as upheld by the CIT(A), however, in view of the aforesaid reason, the Ld. AR wish to withdraw the appeal.

The Ld. DR did not have any objection for withdrawal

We have considered the request of the withdrawal made by the Ld. AR and perused the material available on record. We are allowing the assessee to withdraw the appeal as per letter dated 27th August, 2019 filed by the Ld. AR at the time of hearing. Thus, appeal filed by the assessee is dismissed as withdrawn with liberty to remain the issues open at the appropriate stage.

In the result, the appeal filed by the assessee is dismissed.