JSW SEEL LTD,MUMBAI vs. DCIT CEN CIR 46, MUMBAI

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ITA 874/MUM/2015Status: DisposedITAT Mumbai11 February 2020AY 2005-062 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's counsel informed the tribunal that they wished to withdraw the appeal. The revenue did not oppose this request. Consequently, the tribunal permitted the withdrawal of the appeal.

What were the facts?

The assessee-appellant, JSW Steel Ltd., filed an appeal against the CIT(A)'s order concerning the assessment year 2005-06. The primary grievance was regarding the non-allowance of the reversal of provision for doubtful debts from book profits for MAT computation.

What were the issues?

Whether the reversal of provision for doubtful debts should be reduced from book profits for MAT computation. The appeal was withdrawn by the assessee.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 153A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI “F” BENCH, MUMBAI

1.

By way of this appeal, the assessee-appellant has challenged the correctness of the order dated 01.12.2014, passed by the CIT(A)-47, Mumbai, in the matter of assessment under section 143(3) r.w.s. 153 A of the Income Tax Act, 1961, for the assessment year 2005-06.

2.

Grievances raised by the assessee reads as under: 1. On the facts and in the circumstances of the case, the CIT(A) erred in confirming the action of the DCIT in not allowing the reduction of the reversal of the provision for doubtful debts from the Book Profits for the purpose of MAT Computation.

Assessment Year: 2005-06 Page 2 of 3 3. The appeal was called for the hearing. At the outset in this case learned counsel of the assessee submitted that he shall be withdrawing the appeal.

4.

The ld. DR does not oppose to the prayers so made by the assessee.

5.

In view of the above position, we deem it fit and proper to permit to withdraw the aforesaid appeal.

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