TEXAS INSTRUMENTS(INDIA) PVT LTD,BANGALORE vs. COMMISSIONER OF INCOME TAX, LTU, BANGALORE

This appeal is against the order dated 11.03.2014 of the Commissioner of Income Tax, LTU, Bangalore for the assessment year 2007-08.

At the time of hearing of the appeal, the ld. counsel for the assessee has filed an application dated 13.10.2015 and stated that the assessee is IT(TP)A No.1268/Bang/2014 Page 2 of 3 not pursuing the appeal before the Tribunal on the grounds that subsequent to filing of the appeal before the Tribunal, the Assessing Officer has passed an order u/s. 143(3) r.w.s. 263 i.e., order giving effect to the order of the ld. CIT, allowing the issues of ESOP/ESPP and Depreciation on finance leased asset in favour of the assessee. However, in the said order, the AO has made addition in respect of disallowance u/s. 40(a)(ia) of the Act against which the assessee has preferred appeal before the CIT(Appeals). In the above circumstances, it was the plea of the ld. counsel for the assessee that withdrawal of the assessee’s appeal may be permitted.

We have heard both the parties. The submissions made by the ld. counsel for the assessee for withdrawal of the appeal are accepted and as such, the appeal is dismissed as withdrawn.