CHEMSTAR ORGANICS (INDIA) LTD,MUMBAI vs. ITO WD 1(3),

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ITA 4848/MUM/2015Status: DisposedITAT Mumbai25 September 2017AY 2006-072 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 assessee, through a withdrawal letter, expressed no interest in pursuing the appeal. The Revenue acceded to this request.

What were the facts?

The assessee filed an appeal against the order of the CIT(A) for AY 2006-07. The appeal raised grounds concerning the deletion of unsecured loans, share application money, and certain expenses.

What were the issues?

The primary issue was whether the appeal filed by the assessee should be dismissed as withdrawn, given their explicit request.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI

Before: Shri Sktijit Dey & Shri G Manjunatha

For Respondent: Shri Rajat Mittal

Date of hearing 19-09-2017 Date of pronouncement 25 -09-2017 O R D E R

Per G Manjunatha, AM :

1.

This appeal is filed by the assessee and directed against the order of the CIT(A)-I, Baroda dated 30-03-2012 and it pertains to AY 2006-07, raising the following grounds of appeal:

“Grounds of appeal I Relief claimed in appeal

To delete Rs 29,15,787/- as unsecured loans. 1. To delete Rs 2,62,00,000/- as share application money since it 2. s book entry and wrongly considered as unexplained cash credit u/s 68

To allow of Rs 48,79,744/-, as expense incurred by the 3. company for legal cases and administrative expenses.”

2.

The assessee, vide letter dated September 15, 2017 has sought permission to withdraw the appeal, as they are not interested in pursuing the appeal. The Ld.DR has acceded to the proposition. In the circumstances, we dismiss the appeal, as withdrawn.

Order pronounced in the open at the time of hearing .

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