RELIANCE MEDIA WORKS LTD,MUMBAI vs. ACIT CIR 24 & 26, MUMBAI

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ITA 1366/MUM/2013Status: DisposedITAT Mumbai25 October 2016AY 2008-093 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 requested to withdraw the appeal, stating that any further relief would only increase the business loss, which could not be set off due to no positive income in future years. The Revenue had no objection.

What were the facts?

The assessee filed an appeal against the order of the CIT(A) for AY 2008-09, which arose from an order passed by the Assessing Officer. The Assessing Officer had made various additions, resulting in a business loss after adjustments.

What were the issues?

The primary issue was the assessee's request to withdraw the appeal due to the potential for increased business loss and its inability to be set off against future income.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C

AI-generated summary — verify with the full judgment below

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

Before: SHRI G.S. PANNU & RAM LAL NEGI

For Appellant: Shri Jitendra Sanghavi
For Respondent: Shri N.K. Chand
Hearing: 25/10/2016Pronounced: 25/10/2016

The captioned appeal filed by the assessee is directed against the order of CIT(A)-15, Mumbai dated 24.12.2012, pertaining to the Assessment Year 2008-09, which in turn has arisen from the order passed by the Assessing Officer, Mumbai under section 143(3) r.w.s. 144C of the Income Tax Act, 1961 (in short ‘the Act’).

2.

At the time of hearing, the learned representative for the assessee made a request for permission to withdraw the appeal and submitted a letter dated 25.10.2016 which reads as under :-

“The above appeal is fixed for hearing before your Honours on 25.10.2016. In this connection, we under the instructions from our abovenamed client have to state as under :-

In the assessment, the Assessing Officer has computed business loss after making various additions. CIT(A) has given partial relief and subsequent to that also there is business loss. Our client had filed appeal against the additions confirmed by CIT(A).

The appeal is for A.Y 2008-09 and the period of carry forward and set off is upto A.Y 2016-17, any further relief in the grounds of appeal would have only increased the loss for set off. However, the loss as determined has not been set off on account of there being no positive income in future years.

In view of the above, our client requests you to allow them to withdraw the appeal in order to avoid unnecessary litigation.”

Ld. DR appearing for the Revenue has no objection to the aforesaid plea of assessee.

3.

Accordingly, the appeal of assessee is dismissed as withdrawn.

The above decision was pronounced in the open court in the presence of both the parties at the conclusion of hearing on 25.10.2016.

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