PRINCE MULTIPLAST P.LTD,MUMBAI vs. CIT-7, MUMBAI

This appeal by the assessee is arising out of the order of the Principal CIT- 7, Mumbai in appeal No.Pr.CIT-7/263/2014-15 dated 17-03-2015 passed u/s 263 of the Income Tax Act, 1961 (hereinafter “the Act”). Assessment was framed by the DCIT, Circle-7 (1), Mumbai vide his order dated 31-12-2012 for assessment year 2010-11 u/s 143 (3) of the Act.

At the outset, the learned Counsel for the assessee made a statement at the Bar that she has instruction from the assessee not to press this appeal for the reason that substantial relief has been granted by the AO while framing assessment in consequence to revision Order passed by the Principal CIT u/s 263 of the Act. Balance additions sustained by the AO are being contested before the CIT (A). She stated that the assessee is not interested in pursuing the appeal.

On query from the Bench, the learned CIT DR has not objected to withdrawal of the appeal. In view of this, we permit withdrawal of the appeal and dismiss the same as not pressed.