EDAKKATTUKUDY MATHAI JOHNY,KOTHAMANGALAM vs. THE ACIT, CIRCLE-1(1), ERNAKULAM , ERNAKULAM

At the very outset, it submitted by Shri Joseph, the learned counsel for the assessee, that the assessee does not prefer to prosecute his instant appeal and, accordingly, prays for being permitted to withdraw the same. Smt. Devi, the ld. Sr. DR, on being questioned in the matter by us, did not raise any objection thereto.

We have heard the parties, and perused the material on record. The issue agitated by the assessee, as a perusal of the impugned order shows, is the non- (AY : 2009-10) Edakkattukudy Mathai Johny v. ITO allowance of loss for 6,09,015 arising on account of share trading, i.e., against business income, which the ld. CIT(A) has found as inadmissible both in terms of s. 71(3) and s. 73 of the Act. We note that the assessee’s return for the relevant year has also been filed belatedly on 16.10.2009, i.e., as against the due date of 31.7.2009. We have, under the circumstances, no hesitation in, acceding to the assessee’s prayer, permit withdrawal of his instant appeal.