SHRI.MANOHAR KRISHNASWAMY,BANGALORE vs. THE INCOME TAX OFFICER WARD-6(2)(3), BANGALORE

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ITA 2130/BANG/2018Status: DisposedITAT Bangalore01 September 2020AY 2012-133 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal acceded to the assessee's request to withdraw the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.

What were the facts?

The assessee appealed against the CIT(A)'s order which directed the Assessing Officer to adopt a higher cost of construction per sq. ft. for computing capital gains. The Revenue had also filed an appeal which was disposed of due to low tax effect.

What were the issues?

The primary issue was the cost of construction to be adopted for capital gains calculation. The assessee sought to withdraw their appeal against the CIT(A)'s decision.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES “ C ” BENCH: BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI CHANDRA POOJARIShri Manohar Krishnaswamy, Shri Suresh Muthukrishnan, C.A. Shri Pradeep Kumar, CIT (D.R)

For Appellant: Shri Suresh Muthukrishnan, C.A
For Respondent: Shri Pradeep Kumar, CIT (D.R)
Hearing: 31.08.2020

O R D E R PER SHRI CHANDRA POOJARI, A.M. : This appeal filed by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-4, Bangalore dt.26.04.2018 for the Assessment Year 2012-13.

2.

At the time of hearing, the learned Authorised Representative submitted that this appeal was filed by the assessee ;against the order of ld. CIT (Appeals) in directing the Assessing Officer to adopt the cost of construction at Rs.1,164/- per sq. ft. as against Rs.945/- returned by the assessee for computing the capital gains which had accrued to the assessee. Similarly, the respondent had also filed an appeal in which was heard by the Tribunal and disposed off vide order dt.28.08.2018 on the reason that ‘low tax effect’ which is less than Rs.50 lakhs. Accordingly, the learned Authorised Representative filed a letter dt.29.08.2020 seeking permission to withdraw the appeal. We accede to the request of the learned counsel for the assessee. Accordingly, this appeal of the assessee is dismissed as withdrawn.

3.

In the result, appeal of the assessee is dismissed.

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