BANSI S. MEHTA & CO.,MUMBAI vs. JCIT CIR 11(2), MUMBAI

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ITA 7073/MUM/2011Status: DisposedITAT Mumbai21 October 2015AY 2007-083 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal considered the rival submissions and allowed the assessee's request to withdraw the appeal. The appeal was dismissed as withdrawn.

What were the facts?

The assessee is aggrieved by an order upholding the disallowance of interest paid to partners. The assessee requested to withdraw the appeal due to the smallness of the amount involved.

What were the issues?

Whether the appeal should be dismissed as withdrawn upon the assessee's request and the revenue's no objection.

Which sections of the Income-tax Act were involved?

Section 36(1)(iii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI

Before: Shri Joginder Singh, & Shri Rajesh Kumar

For Appellant: Ms. K.R.Gandhi
For Respondent: Shri Vijay Kumar Soni-DR
Hearing: 21/10/2015

Per Joginder Singh (Judicial Member) The assessee is aggrieved by the impugned order dated 07/10/2011 of the ld. First Appellate Authority, Mumbai, upholding the disallowance of a sum of Rs.1,34,368/- out of the interest paid to the partners of Rs.31,71,998/- invoking proviso to section 36(1)(iii) of the Income Tax Act, 1961 (hereinafter the Act).

2 Bansi S Mehta & Company

2.

During hearing, the ld. counsel for the assessee, Ms. K.R. Gandhi, requested the Bench to grant permission to withdraw the appeal due to smallness of amount involved. The ld. DR, Shri Vijay Kumar Soni, had no objection to the request of the assessee.

1.

2.1. We have considered the rival submissions and perused the material available on record. In view of the above, since, the assessee wants to withdraw its appeal and the ld. DR had no objection, if the appeal of the assessee is permitted to be withdrawn, we dismiss the appeal of the assessee as withdrawn.

Finally, the appeal of the assessee is dismissed as withdrawn.

This Order was pronounced in the open court in the presence of ld. representatives from both sides at the conclusion of the hearing on 21/10/2015.

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