IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH "I", MUMBAI
BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER AND
SHRI VIJAY PAL RAO, JUDICIAL MEMBER
Assessment Year : 2003-04
M/s. Jyotika Premnarayen Income Tax Officer-19(2)-3,
7th floor, Indraprastha, Mumbai
Linking Road, Santacruz(W),
PAN NO: AAFPP 8812 N
Appellant by : Shri Sunil Chopra
Respondent by : Shri K.G. Kutty
Date of hearing : 24.09.2012
Date of Pronouncement : 24.09.2012
PER RAJENDRA SINGH, AM:
This appeal by the assessee is directed against the order dated
31.8.2010 of CIT(A) for the assessment year 2003-04. The assessee in
this appeal has raised disputes regarding re-opening of assessment
and computation of capital gain.
2. At the time of hearing of the appeal, the ld. AR for the assessee
submitted that the assessee had raised disputes regarding re-opening
of the assessment and regarding nature of income received from
2 ITA No.8178/M/10
redevelopment of the property. The assessee had shown the income
as capital gain whereas the AO had assessed it as business income. It
was pointed out that the appeal filed by the revenue on this issue has
been decided by the Tribunal vide order dated 4.7.2012 in ITA
No.7640/M/2010 for assessment year 2003-04 in which the Tribunal
has accepted the claim of the assessee that the income is required to
be assessed as capital gain and not business income and accordingly
dismissed the appeal of the revenue. In view of this position, it was
pointed out that the appeal of the assessee had become infructuous.
Accordingly it was requested that the assessee may be allowed to
withdraw the appeal to which the ld. DR had no objection. We,
therefore dismiss the appeal of the assessee as withdrawn.
3. In the result, appeal of the assessee stands as withdrawn.
Order pronounced in the open court on 24.9.2012.
(VIJAY PAL RAO ) (RAJENDRA SINGH)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Mumbai, Dated: 24.9. 2012.
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Copy to: The Appellant
The CIT, Concerned, Mumbai
The CIT(A) Concerned, Mumbai
The DR " " Bench
Dy/Asstt. Registrar, ITAT, Mumbai.