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Income Tax Appellate Tribunal, MUMBAI BENCH “G” MUMBAI
Before: SHRI D.T. GARASIA & SHRI N.K. PRADHAN
ORDER PER N.K. PRADHAN, A.M. The captioned appeals filed by the assessee are directed against the order of the Commissioner of Income Tax (Appeals)-22, Mumbai and arise out of the assessment completed u/s 143(3) of the Income Tax Act 1961 (the ‘Act’). As common issues are involved, we are Lavasa Corporation 2 3611, 3612, 3613/Mum/2016 proceeding to dispose them off through a consolidated order for the sake of convenience.
The assessee has filed a petition seeking permission to withdraw the appeal. The said petition reads as under:
“1. We have incurred significant losses in the assessment years under appeal as well as in the subsequent assessment years. The assessment year-wise break-up of the carried forward business losses and unabsorbed depreciation is enclosed in Annexure-
1. 1.
2. The disputed issues and the amounts of additions/disallowance which are involved in the above appeals are summarized below: Sr. No. Assessment Year Issue Amount (in Rs.) 1. 2007-08 Disallowance as per 5,39,69,891 proviso to section 36(1)(iii) 2. 2008-09 Disallowance as per 8,58,90,022 proviso to section 36(1)(iii) (i) Disallowance u/s 14A 148,470 r.w. Rule 8D
3. 2009-10 Disallowance as per 18,01,59,195 proviso to section 36(1)(iii) 4. 2010-11 Disallowance as per 21,38,77,400 proviso to section 36(1)(iii)
3. We believe that we have a strong case to succeed in relation to the aforesaid appeals. However, in view of the cumulative carried forward business losses of Rs.1372 crores and cumulative unabsorbed depreciation of Rs.255 crores, aggregating to Rs.1627 crores, which are not likely to be utilized against profits of future years, we which to withdraw the appeal.
Lavasa Corporation 3 3611, 3612, 3613/Mum/2016 4. Further, the above appeal is being withdrawn purely on account of the above reasons and therefore, the stand taken by the Assessing Officer and upheld by the Commissioner of Income Tax-Appeals (CIT-A) for AY 2007-08 to AY 2011-12 in the impugned order dated 18th February, 2016 is not be concluded as being accepted by the assessee company. We reserve our right to challenge the principle sought to be laid down by the CIT and CIT(A) in the aforesaid impugned orders in the appropriate proceedings, if and when the need arises. We will be extremely grateful if the same is clarified in the order passed by the Hon’ble Bench.”
The Ld. counsel of the assessee reiterates the submission made in the petition and accordingly sought permission of the Bench to withdraw the appeal. There was no opposition by the Ld. DR to the above request of the assessee. Since the assessee is only foregoing its right of appeal for the reasons stated in the petition, we allow the appeal to be withdrawn.