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Income Tax Appellate Tribunal, “H” BENCH, MUMBAI
Before: SHRI RAJENDRA, AM & SHRI SANDEEP GOSAIN, AM
आदेश / O R D E R
PER SANDEEP GOSAIN, J.M This appeal is preferred by assessee against the order dated 25.09.2012 passed by CIT(A)-34, Mumbai and it pertains to A.Y. 2005-06.
Assessee has raised the following grounds before the Tribunal:-
“On the facts and in the circumstances of the case and in law, the ld. C.I.T. (APPEALS) erred in levying the penalty on addition of Rs.450,000/- u/s 68 as bogus gifts received.
The appellant pray that levy of penalty u/s. 271(1)(c) of the I tax Act on addition of Rs.450,000/- u/s 68 as bogus gifts received should be deleted. while passing the order by C.I.T. (Appeals), we have not given the opportunity for a personal hearing and without giving opportunity of hearing order have been passed.”
During the course of hearing the learned counsel of the assessee moved an application dated 24.12.2015 for withdrawal of the appeal to which Revenue has no objection. We, therefore, allow assessee to withdraw its appeal. Accordingly this appeal is dismissed as withdrawn.