THE STATE TRADING CORPORATION OF INDIA LTD,NEW DELHI vs. ACIT CIRCLE-25(1), NEW DELHI

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ITA 1833/DEL/2020Status: DisposedITAT Delhi22 February 2024AY 2017-18Bench: SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, MS ASTHA CHANDRA (Judicial Member)3 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 counsel's request for dropping the appeal was based on a Supreme Court decision (Union of India vs Exide Industries) which held that provision for leave encashment should be allowed on an actual basis. Noting the contents of this application, the Tribunal dismissed the appeal as withdrawn.

What were the facts?

The assessee filed an appeal (ITA No. 1833/DEL/2020) against the order of the ld. CIT -9, New Delhi dated 28.08.2020 pertaining to A.Y. 2017-18. The ld. counsel for the assessee subsequently submitted an application to drop the appeal.

What were the issues?

The key issue pertained to the allowability of provision for leave encashment, with the assessee opting to withdraw their appeal based on a Supreme Court precedent.

Which sections of the Income-tax Act were involved?

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI ‘H’ BENCH,

Before: SHRI N.K. BILLAIYA, & MS ASTHA CHANDRA

For Appellant: Ms. Deepti S. Jain, AR
For Respondent: Shri Atiq Ahmed, Sr. DR
Hearing: 22.02.2024Pronounced: 22.02.2024

PER N.K. BILLAIYA, ACCOUNTANT MEMBER:-

1.

This appeal by the assessee is preferred against the order of the ld. CIT -9, New Delhi dated 28.08.2020 pertaining to A.Y 2017-18.

2.

The ld. counsel for the assessee submitted an application dated 26.04.2024 stating that the Hon'ble Supreme Court in the case of Union of India vs Exide Industries has held that provision of leave encashment should be allowed on actual basis, hence requested for dropping of appeal.

3.

Noting the contents of the application, the appeal is dismissed as withdrawn.

4.

In the result, the appeal of the assessee in is dismissed as withdrawn.

The order is pronounced in the open court on 22.02.2024.

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