NAVKAR ISPAT LTD,MUMBAI vs. DCIT CEN CIR 13, MUMBAI

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ITA 6148/MUM/2014Status: DisposedITAT Mumbai18 January 2018AY 2010-112 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 Tribunal allowed the assessee's application to withdraw its appeal. The appeal was accordingly dismissed as withdrawn.

What were the facts?

The assessee filed an appeal against the CIT(A)'s order concerning disallowances of purchases, membership fees, and additions to income. The assessee subsequently filed an application to withdraw the appeal.

What were the issues?

The primary issue was the assessee's request to withdraw its appeal against the CIT(A)'s order, which the revenue did not object to.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, B Bench, Mumbai

Before: Shri Joginder Singh & Shri Rajesh Kumar

For Respondent: Shri Suman Kumar
Hearing: 18.01.2018Pronounced: 18.01.2018

This appeal is preferred by the assessee against the order of the CIT(A)-37, Mumbai dated 28.07.2014.

2.

Assessee has raised three grounds of appeal regarding; (i) confirmation of disallowance of purchases amounting to `41,58,604/-, (ii) confirmation of disallowance of membership fee & subscription fees of `11,00,000/- paid to Jain International Trade Organization, and (iii) confirmation of addition of receipts of `19,50,000/- as income under Section 68 of the Income Tax Act, 1961.

3.

Vide letter dated 17th January, 2018 the assessee moved an application for withdrawal of its appeal to which Revenue has no objection.

M/s. Navkar Ispat Ltd. We, therefore, allow assessee to withdraw its appeal. Accordingly this appeal is dismissed as withdrawn.

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