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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

Suncity Projects Pvt. Ltd., N-49, 1st floor, Connaught Place, New Delhi. Vs Commissioner of Income Tax, Central-III, New Delhi.
July, 10th 2014
                                      1                    ITA No. 2599/Del/2012
                                                              Asstt.Year: 2002-03

            IN THE INCOME TAX APPELLATE TRIBUNAL
                   DELHI BENCH `G' NEW DELHI

     BEFORE SHRI S.V. MEHROTRA, ACCOUNTANT MEMBER
                           AND
       SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER

                          I.T.A.No.2599/Del/2012
                         Assessment Year : 2002-03

Suncity Projects Pvt. Ltd.,   vs    Commissioner of Income Tax,
N-49, 1st floor,                    Central-III, New Delhi.
Connaught Place,
New Delhi.
(PAN: AABCS8906K)
(Appellant)                          (Respondent)

                           Appellant by: Shri Ved Jain
                          Respondent by : Shri Shalini Verma, Sr. DR

                                ORDER

PER CHANDRAMOHAN GARG, JUDICIAL MEMBER

      This appeal has been preferred by the assessee against the order of ld.

CIT, Central-III, New Delhi dated 29.3.2012 for AY 2002-03 passed u/s 263

of the Income Tax Act, 1961 (for short the Act).






2.    We have heard arguments of both the sides. Ld. Counsel of the

assessee filed an application dated 7th July, 2014 seeking permission for

withdrawal of this appeal.     Ld. DR submitted that he has no serious

objection if assessee wants to withdraw the appeal.
                                          2                     ITA No. 2599/Del/2012
                                                                   Asstt.Year: 2002-03

3.        From the application of the assessee, we observe that the assessee has

sought permission for withdrawal of appeal as the consequential order u/s

143(3)/263 has been passed by the Assessing Officer. Under these

circumstances, we find it appropriate to grant permission for withdrawal of

this appeal as requested by the assessee.






4.        In the result, the appeal of the assessee is dismissed as withdrawn.

          Order pronounced in the Open Court on 9th July 2014.


      Sd/-                                            Sd/-
(S.V. MEHROTRA)                               (CHANDRAMOHAN GARG)
ACCOUNTANT MEMBER                                JUDICIAL MEMBER

DT. 9th JULY 2014
`GS'

Copy forwarded to:-

     1.      Appellant
     2.      Respondent
     3.      CIT(A)
     4.      CIT 5. DR                                               By order


                                                                  Asstt. Registrar

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