BETTS INTERNATIONAL LTD.,GOA vs. ACIT (CPC), BANGALORE

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ITA 3647/DEL/2016Status: DisposedITAT Delhi13 May 2019AY 2011-123 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 Tribunal allowed the assessee's request to withdraw the appeal as the Senior Departmental Representative had no objection. Consequently, the appeal was dismissed as withdrawn.

What were the facts?

The assessee requested to withdraw their appeal concerning the non-quantification of long-term capital loss. The company had not earned profits in subsequent years to set off the loss, and the carry-forward period was nearing its end.

What were the issues?

Whether the assessee should be allowed to withdraw an appeal when the carry-forward period for a capital loss is expiring and no future profits are anticipated.

Which sections of the Income-tax Act were involved?

Section 74,Section 157,Section 74(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “B”: NEW DELHI

Before: SHRI AMIT SHUKLA & SHRI L.P. SAHU

For Appellant: Shri Manoneet Dalal, Advocate
For Respondent: Shri N.K. Bansal, Sr. DR
Hearing: 25/03/2019

PER AMIT SHUKLA, J.M This appeal has been filed by the assessee against the order of Ld. CIT(Appeals) -42 New Delhi dated 21.3.2016. for the assessment year 2011-12. 2. At the outset the Ld. Sr. DR took our attention to a letter of the Ld. AR requesting that this appeal may be allowed to be withdrawn for the following reasons :-

1.

“the main issue involved in the captioned appeal is vis-a-vis non-quantification of the long term capital loss of the year under consideration - Rs. 2,05,61,825/- as stipulated in section 157 of the Income-tax Act, 1961; the Appellant Company has not been able to earn profits in the subsequent years and consequently claim a set-off of the aforesaid loss in terms of section 74; and the time period of 8 assessment years for which the aforesaid losses can be carried forward in terms of section 74(2) of the Income-tax Act, 1961 will elapse in Assessment Year 2019-20 and the Appellant Company does not foresee any income arising to it in the nature of long term capital gains against which it will be able to set off the said loss.” 3. The Ld. Sr. DR does not have any objection for the said request of the AR.

4.

We have gone through the request submitted by the Ld. AR and since the Sr. DR does not have any objection, the appeal is allowed to be withdrawn.

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