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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Sanjay Arora & Shri Aby T.Varkey
O R D E R Per: Sanjay Arora, AM This is an Appeal by the Assessee agitating the revision under section 263 of Income Tax Act, 1961 (‘the Act’hereinafter) of it’s assessment under section 143(3) of the Act dated 31.12.2018 for assessment year (AY) 2016-17 vide order dated 29.3.2021.
2.1 At the outset, it was submitted by Shri Nair, the learned counsel for the assessee, that the assessee wishes not to press it’s instant appeal and, accordingly prays for permission to withdraw the same, toward which he shallmake an endorsement on the appeal file itself. As explained by him, the assessee had since been subject to search u/s. 132(1) of the Act, leading to assessments u/s. 153A of the Act for back years as well, and which would subsume the instant assessment. 1 (AY: 2016-17) Rajakumari Shopping Mall LLP v. Asst. CIT 2.2 The ld. CIT-DR, on being asked, did not raise any objection to the same.
In view of the given facts and circumstances, we have no hesitation in accepting the assessee’s plea for withdrawal of it’s appeal; the same being rendered inconsequential in view of the subsequent developments. We order accordingly. The assessee’s stay petition is rendered infructuous in consequence.
In the result, the appeal by the assessee is dismissed as withdrawn. Order pronounced in open court on May 16, 2023