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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI
Before: SHRI SHAMIM YAHYA, AM & SHRI SANDEEP GOSAIN, JM
सुनवाई क� तार�ख / : 05.06.2018 Date of Hearing घोषणा क� तार�ख / : 02.07.2018 Date of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This appeal by the assessee is directed against order of the ld. Commissioner of Income Tax (Appeals) – 16, Mumbai dated 31.03.2016, pertaining to the assessment year 2011-12.
The grounds of appeal read as under: 1. On the facts and circumstances of the case and in law, the Learned CIT (A) - 16 has erred in confirming disallowance of Provision for Property tax amounting to Giraffe Developers Pvt. Ltd. Rs.22,13,733/- (out of total provision for property tax of Rs.1,46,11,472/-) made by the LAO u/s 43B of the Act.
2. On the facts and circumstances of the case and in law, the Learned CIT (A) - 16 has erred in confirming disallowance of professional fees expense of Rs.27,57,500/- (out of total disallowance of Rs.4,15,83,100/-) made by LAO u/s 40 (a) (ia) of the Act due to non-payment of TDS. Appellant pleads that the said expense is not claimed as an expense, in the current year, in the Profit and Loss Account in the first place. The said expense has only been routed through the Profit and Loss Account but ultimately has been debited to the Work in Progress Account. The same being capitalized and forming part of closing stock (Work in progress) for the appellant, the impact on the profit and loss account is revenue neutral. Considering the above, the addition of the expense is unfair, arbitrary and excessive.
That the appellant reserves its rights to amend, alter or raise any other additional grounds of appeal
before or during the course of appellate proceedings.
3. At the outset, in this case the learned counsel of the assessee submitted that he shall be withdrawing the appeal.
The Learned departmental representative did not have any objection to this proposition.
Upon careful consideration we have granted permission to withdraw the appeal. Accordingly, this appeal is dismissed as withdrawn.