Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, DELHI BENCH ‘C’, NEW DELHI
ORDER
Per N. K. Saini, AM:
This is an appeal by the assessee against the order dated 30.07.2014 of ld. CIT(A)-XV, New Delhi.
The ld. Counsel for the assessee at the very outset stated that he has the instruction to withdraw the appeal and gave in writing as under: “1. The captioned appeal is listed today before this Hon'ble Bench for hearing. The Appellant is placing on record the following submissions:
2 GE Capital Services India 2. In relation to Ground 2, 2.1, 2.2 & 2.3, the Appellant submits that the said ground has already been allowed in the Appellant's favour in its own case in Assessment Year ("AY") 2000-01 & 2001-02 (ITA No.2897/Del/2007 & ITA No. 2898/Del/2007). Reference is invited to pages 2,3,10,11, 25-33 [for AY 2000-01] and Pages 2, 14-24 [AY 2001-02]. Copies of the orders passed by the Hon'ble Tribunal are enclosed herewith.
The Appellant submits that, inspite of the ground being allowed in the Appellant's favour, it wishes not to press the ground as the benefit has already been allowed to the Appellant in the succeeding assessment year i.e. AY 2007-08, The Appellant submits that this ground relates to certain expenses incurred by the Appellant in AY 2006-07 on issue of commercial papers. The tenure of the commercial paper is 365 days. The Appellant in its books of account had deferred the expenses over the period of the tenure of the commercial papers. Also, the Appellant did not claim the same in computation but reserved a right to put forward the claim in respect of this amount at the time of assessment (See Para 2 of the assessment order).
4. The Appellant, accordingly, submits that the claim of the Appellant is bona fide and the ground is being withdrawn as the benefit has already been allowed to the Appellant. The Appellant is bringing these facts to the notice of the Hon'ble Bench as the AO has initiated penalty proceedings and the Appellant respectfully submits that there is no occasion to initiate a penalty as the claim is allowed in the 3 GE Capital Services India Appellant's favour. Accordingly, the said grounds are withdrawn.” Sd/- DMD Advocates Advocates for the Appellant 30, Nizamuddin East New Delhi - 110 013 3. The ld. DR did not object if the appeal is dismissed as withdrawn.
In view of the above, the appeal of the assessee is dismissed as withdrawn.
In the result, the appeal filed by the assessee is dismissed as withdrawn. (Order Pronounced in the Court on 11/05/2017)