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Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI
Before: Shri Joginder Singh, & Shri Rajesh Kumar
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
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.
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 DR had no objection, if the appeal of the assessee is permitted to be withdrawn, we dismiss the appeal of the assessee as withdrawn.
Finally, the appeal of the assessee is dismissed as withdrawn.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.