M/S RACHIT PRINTS P. LTD.,MEERUT vs. CIT, MEERUT

In this case, the Ld. CIT issued notice under section 263 of the I.T. Act pointing-out that the A.O. has not made enquiries/investigation with regard to fall in N.P. rate, sundry creditors and sale promotion expenses. The assessment order was, therefore, set aside and restore to the file of A.O. for passing of the order afresh.

Learned Counsel for the Assessee submitted that A.O. passed the fresh assessment order under section 263/143(3) dated 13.03.2014 whereby he has made only two additions i.e., N.P. rate and sundry creditors. He has further submitted that Ld. CIT(A) vide order dated 28.01.2016 deleted the addition on account of sundry creditors and on account of fall in N.P. rate directed to apply profit rate of 1.5%, which the assessee has agreed before A.O. Learned Counsel for the Assessee, therefore, submitted that assessee may be permitted to withdraw the appeal. An endorsement to that effect is made on Form 36. The Ld. D.R. has no objection if appeal is dismissed as withdrawn.

In the result, appeal of assessee dismissed as withdrawn.