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Income Tax Appellate Tribunal, MUMBAI BENCHES “SMC”, MUMBAI
Before: Shri Shamim Yahya
O R D E R This appeal by the assessee is directed against order of learned CIT(A) dated 22.12.2016 and pertains to assessment year 2009-10.
The grounds of appeal
read as under:- “1. On the facts and in the circumstances of the case and in law the Hon’ble CIT(A) erred in upholding the assessing officer’s action in reopening the assessment u/s 147 of the IT Act 1961 and the reason assigned for doing so are wrong and contrary to the provision of Income Tax Act and rules made there under.
2. On the facts and in the circumstances of the case and in law the Hon’ble CIT(A) wrongly erred in directing the Ld AO to estimate profit @ 3.05% of the alleged bogus purchase as unexplained income and the reasons assigned for doing so are wrong and contrary to the provision of Income Tax and rules made there under.
3. The appellant craves leave to add to, amend, alter or delete any of the above grounds of appeal on or before the date of hearing.”
. Shri Ashok Bhansali 3. In this case, on account of bogus purchases, the Assessing Officer has estimated a profit of 12.5% of the total amount of purchases. The learned CIT(A) has restricted the estimated profit to 3.05%, against this order, the assessee is in appeal before the ITAT.
At the outset, the learned Counsel of the assessee submitted that he did not wish to press this appeal and wanted to withdraw the appeal under consideration. The assessee is permitted to withdraw the appeal. Accordingly, this appeal is dismissed as withdrawn.