VINAYAK NIRMAN PVT. LTD.,VARANASI vs. PCIT, VARANASI

This appeal, filed by assessee, being is directed against revisionary order dated 25.10.2018, under Section 263 of the Income Tax Act, 1961(hereinafter called “ the Act” ) passed bylearned Pr. Commissioner of Income Tax, Varanasi (hereinafter called "the Pr. CIT"),for ITA No.114/Vns/2018 Assessment Year: 2015-16 VinayakNirman Pvt. Ltd. assessment year(ay):2015-16. The ld. counsel for the assesse ShriAshishBansal, Advocate has filed written application dated 22.03.2022(placed on record in file) , requesting for withdrawal of the appeal. We have heard learned CIT-DR in Open court through physical hearing mode.

The brief facts of the case are that therevisionary orderdated 25.10.2018 , under Section 263 of the 1961 Act was passed by ld. Pr. CIT for ay:2015-16 , holding that assessment order dated 26.05.2017 passed by the Assessing Officer u/s. 143(3) of the 1961 Act is erroneous so far as prejudicial to the interest of the Revenue, and hence being amenable to revisionary proceedings u/s 263 of the 1961 Act.

Aggrieved by aforesaid revisionary order dated 25.10.2018 passed by ld. Pr. CIT u/s 263 of the 1961 Act , the assessee filed an first appeal before Income Tax Appellate Tribunal( hereinafter called “ the tribunal”) , VaranasiCircuit Bench, Varanasi, U.P. , challenging the revisionary order dated 25.10.2018 passed by ld. Pr.CIT u/s 263 of the 1961 Act. When this appeal came up for hearing before Division Bench of the tribunal, The Registry has brought on record written application dated 22.03.2022 submitted by ld. counsel for the assesse ShriAshishBansal, Advocate , wherein prayers have been made by ld. counsel for the assessee, ShriAshishBansal, Advocate in his written application dated 22.03 2022 , requesting for withdrawal of assessee’sappeal in ITA no. 114/Vns/2018 for ay: 2015-16 filed with tribunal, on the grounds that pursuant to the revisionary order dated 25.10.2018 passed by ld. Pr.CIT u/s. 263 of the 1961 Act for Ay: 2015-16, the ld. AO has now framed an assessment order dated 31.12.2019 u/s. 143(3) read with Section 263 of the Act , and the assessment which was earlier completed u/s. 143(3) of the Act ITA No.114/Vns/2018 Assessment Year: 2015-16 VinayakNirman Pvt. Ltd. assessing income of assesse at Rs.65,00,300/-was sustained and no additions were made in the assessment order now framed u/s 143(3) read with Section 263 of the 1961 Act, dated 31.12.2019, now passed by AO pursuant to the direction of ld. Pr. CIT u/s. 263 of the Act. Thus, it is stated in the said application dated 22.3.2022 (which is placed on record in file) filed by ld. Counsel for the assesse ShriAshishBansal, Advocate that the assessee wants to withdraw its appeal, which should be dismissed by the tribunal. Ld.CIT- DR did not raise any objection if the appeal of the assesse in 2018 for ay: 2015-16 is dismissed as withdrawn .After considering the material on record and after hearing ld. CIT-DR, we allow the assessee to withdraw its appeal which now stands dismissed as withdrawn. We Order accordingly.

In the result, the appeal of the assessee in ITA No. 114/Vns/2018 for ay: 2015-16 is dismissed as withdrawn. Order pronounced in Open Courton23/03/2022at Varanasi, U.P, after the conclusion of hearing.