BMM ISPAT LIMITED,HOSPET vs. CIT, BANGALORE

This appeal is preferred by the assessee against the order of Principal Commissioner of Income-tax (Central), Bangalore [hereinafter referred to as “the CIT”] passed u/s. 263 of the Income-tax Act, 1961 [hereinafter referred to as “the Act”].

During the course of hearing, the ld. counsel for the assessee has made a statement that consequent to CIT’s order, assessment was framed and AO has adjudicated the issue in favour of assessee, therefore no grievance is left out against the order of CIT as well as the AO. In light of these facts, the assessee did not want to advance his argument in the present appeal. Rather, he has also agreed for withdrawal of the appeal, to which the Revenue has no objection. Accordingly, the appeal of the assessee stands dismissed as withdrawn.