DR PANDHIS SMALL IDEAS GREAT IDEAS TRUST,LUDHIANA vs. CIT EXEMPTIONS CHANDIGARH, CHANDIGARH

During the course of hearing nobody was present on behalf of the assessee, however a withdrawal application has been furnished, contents of which read as under: Subject: Petition for Withdrawal of Appeal Respected Sir/Madam, We, DR. PANDHI'S SMALL IDEAS GREAT IDEAS TRUST, represented herein by Chairman, Sat Bhushan Pandhi hereby submit this petition seeking withdrawal of the Appeal. The details of the appeal are as follows: i Appeal No.: ITA193/CHANDI/2024 ii Assessment Year: 2024-25 iii Name of Appellant: DR. PANDHI'S SMALL IDEAS GREAT IDEAS TRUST, Ludhiana iv Date of Filingof Appeal: 26-02-2024 We wish to withdraw the aforementioned appeal, which was primarily based on the grounds that the registration of Trust under clause (iii) of the first proviso of section 80G (5) of the Income Tax Act, 1961, was rejected due to the inability to file the required documents before the due date, owing to technical glitches in the Income Tax Website. However, subsequent to the filing of the appeal and during the pendency of proceedings before the esteemed Tribunal, the Central Board of Direct Taxes (CBDT) issued Circular No. 7/2024 dated 25.04.2024. This circular extended the due date up to 30.06.2024 for filing Form 10AB for registration of Trust under clause (iii) of the first proviso of section 80G (5) of the Income Tax Act, 1961. The issuance of this circular effectively addresses the primary grounds on which the appeal was based. In light of this significant development and the subsequent rectification of the issue that led to the rejection of registration, we have reassessed the necessity of pursuing the appeal before the ITAT. Therefore, we respectfully request the Honorable Tribunal to consider this petition, for withdrawal of appeal and grant the necessary approval at the earliest convenience. We assure your good-self of my full cooperation in completing any formalities or procedures associated with the withdrawal process. Thank you for your good-self attention to this matter.

Ld. DR did not object if the appeal of the assessee is dismissed as withdrawn.

In view of the above, the appeal of the assessee is dismissed as withdrawn.