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Income Tax Appellate Tribunal, MUMBAI BENCHES “H”, MUMBAI
Before: SHRI G.S.PANNU (AM) & SHRI RAM LAL NEGI (JM)
The present appeal has been filed by the revenue against order dated 14/03/2014 passed by the Ld. CIT(Appeals)-15, Mumbai pertaining to the assessment year 2009-10.
2. The assesse has challenged the impugned order on the following effective grounds:-
That the Comm. of Income Tax 15, has erred in invoking the provisions of Sec. 263 beyond the time allowed under Sec 263(2). The Order passed under Sec. 263 is barred by limitation.
2. The Comm. of Income Tax 15, has erred in invoking the provisions of Sec. 263 although the Order of ITO 15(2)(3) Mumbai was not erroneous nor was it prejudicial to the Interest of Revenue, considering the facts and circumstances of the Case and Law”
Today, the Ld. Counsel for the assessee has submitted an application seeking permission for withdrawal of the present appeal. The relevant portion of which reads as under:-
"We have filled the above appeal against the order u/s 263 dt. 140/03/2004 passed by CIT 15, Mumbai setting aside the original assessment. In the fresh assessment order passed on 26/03/2015, no major changes have been made other than treating the income From Business as Income from other sources resulting in a tax demand on Rs. 3820/- In the circumstances, we seek permission to withdraw the above appeal" 4. The Ld. DR has no objection in allowing the application for withdrawal of the appeal. 5. In view of the written submission made by the appellant, the application is allowed and appeal of the assessee is dismissed as withdraw.
Order pronounced in the open court on 23/12/2015