What did the Tribunal hold?

The Tribunal noted that the assessee wished to withdraw the appeal and the Departmental Representative had no objection. Consequently, the appeal was dismissed as withdrawn.

The assessee filed an appeal before the ITAT. The assessee's Managing Director submitted a letter requesting to withdraw the appeal due to depressed market conditions and heavy losses incurred by the company.

What were the issues?

The primary issue was whether the assessee's request to withdraw the appeal should be granted.

Psl Ltd vs DCIT | ITAT Mumbai 2016

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

Before: SHRI AMIT SHUKLA & SHRI RAJESH KUMAR

For Appellant: Shri Rajesh Kumar

आदेश ORDER �ी अिमत शु�ला, �याियक सद�य PER AMIT SHUKLA, J.M.:

The aforesaid appeal has been filed by the assessee against impugned order dated 10.06.2014 passed by Ld. CIT(Appeals)-14, Mumbai for the assessment year 2010-11. A letter dated 4th October, 2016 signed by the Managing Director of the assessee- company, has been filed wherein, it has been stated that, the assessee-company wants to withdraw the appeal filed before this Tribunal. The letter reads as under:

2 PSL Ltd Mohit Rakesh Kumar Gupta ITA No. : 5095/Mum/2014 “The Income Tax Appellate Tribunal 4th Floor, OLC C.G.O. Building, 101, Maharshi Karve Marg, Mumbai -400 020 C-Bench Re: Appeal No.5095/Mum-2014 For AY 2010-11 Respected Sir, We refer to the Appeal No.5095/Mum-2014 filed against the Order passed by CIT, Mumbai. Due to depressed market condition for company’s product i.e. steel pipes the company has incurred heavy losses during the past six years. The Company had sought long-restructuring process from BIFR, New Delhi and it is in process. In this situation we feel that we may withdraw our appeals filed before ITAT and hence the following request We hereby withdraw our entire appeal for the assessment year 2010-11 filed against the order of CIT(A). We submit before the Hon’ble Tribunal our above request for necessary action.

Thanking you, Yours faithfully, For PSL Limited Sd/- (XXX) Managing Director”

The Ld. DR also did not have any objection.

Accordingly, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the open court on 6th October, 2016. Sd/- Sd/- (RAJESH KUMAR) (अिमत शु�ला) लेखा सद�य �याईक सदस (राजेश कुमार) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Date: 6th October, 2016.

PSL LTD,MUMBAI vs. DCIT 7(1), MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

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