Loading judgment…
Facts
The assessee's appeal for AY 2018-19 against an NFAC order arose from an adjustment made by the TPO under section 92CA(3) of the Income Tax Act, 1961, which was confirmed by the AO after DRP proceedings. While the appeal was pending before the ITAT, the assessee company entered into voluntary liquidation. Subsequently, the company settled the entire outstanding tax demand along with applicable interest under section 221 of the Income Tax Act, 1961, and sought to withdraw its appeal.
Held
The Tribunal acknowledged the assessee's letter requesting withdrawal of the appeal due to its voluntary liquidation and the full payment of all outstanding tax liabilities, including interest. Accepting the assessee's request, the Tribunal dismissed the appeal as withdrawn.
Key Issues
Whether the appeal should be allowed to be withdrawn given the assessee's voluntary liquidation and complete settlement of the tax demand and interest.
Sections Cited
92CA(3), 221
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH “I”: NEW DELHI
Before: SHRI M. BALAGANESH & SHRI VIMAL KUMAR
PER M. BALAGANESH, A. M.: The appeal in AY 2018-19, arises out of 1. the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as ‘ld. AO)’, in short] dated 11.03.2022. 2. At the outset, the assessee filed a letter dated 03.05.2024 stating that the fact that the assessee has gone into voluntary liquidation and had settled the entire taxes due along with the applicable interest. Accordingly, the assessee sought to withdraw this appeal. For the sake of convenience the said letter is reproduced below:-
In view of the above, the appeal of the assessee is hereby dismissed as withdrawn. Order pronounced in the open court on 07/05/2024.