NARMADA SILK INDUSTRIES PVT. LTD,SURAT vs. PR. CIT-1, SURAT

Assessee represented by Shri Bipin Jariwala, Advocate Respondent represented by Shri H.P. Meena, CIT-DR Date of hearing 01/06/2022 Date of pronouncement 01/06/2022 Order under section 254(1) of Income Tax Act PER: PAWAN SINGH, JUDICIAL MEMBER:

1. 1. This appeal by the assessee is directed against the order of learned Principal Commissioner of Income Tax-1, Surat (in short, the ld. PCIT) dated 24/04/2020 passed under section 263 of Income-tax Act for the Assessment year 2015-16.

2. At the outset of hearing, the ld AR of the assessee submits that in the present appeal, the assessee has challenged the validity of order passed by the ld. PCIT under Section 263 of the Income Tax Act, 1961 (in short, the Act) dated 24/04/2020. The ld. AR further submits that in pursuance of order under section 263 dated 24/04/2020, the Assessing Officer passed Narmada Silk Industries Pvt. Ltd. Vs PCIT assessment order under Section 143(3) r.w.s. 263/144B of the Act on 30/03/2022 and accepted the assessee’s income as per original assessment order dated 22/12/2017, therefore, the assessee left no grievance in the present appeal and the assessee prayed that he may be allowed to withdraw the present appeal.