Sri T. Venkateswara Rao, Hyderabad V. Asstt. Commissioner of Income Tax, Circle-8(1),l, Hyderabad

ITA 1467/HYD/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 74667 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2002-2003
• Appeal Filed On: 05-11-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: RAVI SESHAGIRI RAO

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER ITA NO. 1467/HYD/2013 ASSESSMENT YEAR : 2002-03 SRI T. VENKATESWARA RAO HYDERABAD PAN: AJUPT2009B VS. THE ASST. CIT CIRCLE-8(1) HYDERABAD [APPELLANT] [RESPONDENT] APPELLANT BY: SRI RAVI SESHAGIRI RAO RESPONDENT BY: SRI SOLGY JOSE T. KOTTARAM DATE OF HEARING: 03.03.2014 DATE OF PRONOUNCEMENT: 03.03.2014 ORDER PER CHANDRA POOJARI, AM : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF THE CIT(A)-III, HYDERABAD DATED 9.7.2013 F OR THE ASSESSMENT YEAR 2002-03. 2. THE ASSESSEE RAISED THE FOLLOWING GROUND OF APPEAL: THE LEARNED CIT(A) ERRED IN HOLDING THAT THERE IS N O EVIDENCE FOR THE LOANS ADVANCED AND THE INTEREST RECEIVED TH EREON. THE LEARNED CIT(A) OUGHT TO HAVE HELD THAT THE INCOME O F THE APPELLANT OF RS. 49,000/- WAS RECEIVED TOWARDS INTE REST AGAINST THE ADVANCES GIVEN. 3. AT THE TIME OF HEARING THE LEARNED AR SUBMITTED BEF ORE THE BENCH THAT THE ASSESSEE IS NOT INTERESTED TO PU RSUE HIS APPEAL. ACCORDINGLY, HE FILED A LETTER SEEKING PER MISSION OF THE TRIBUNAL TO WITHDRAW THE APPEAL. 4. THE LEARNED DR HAS NO OBJECTION FOR WITHDRAWING THE APPEAL BY THE ASSESSEE. ITA NO. 1467/HYD/2013 SRI T. VENKATESWARA RAO ======================= 2 5. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE LETT ER FILED BY THE ASSESSEE. CONSIDERING THE REQUEST OF THE ASSESSEE, WE ARE INCLINED TO PERMIT THE ASSESSEE TO WITHDRAW HIS APPEAL. ACCORDINGLY, THE GROUND RAISED BY THE ASSESSEE IS DISMISSED. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD MARCH, 2014. SD/- (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/- (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED THE 3 RD MARCH, 2014 TPRAO COPY FORWARDED TO: 1. SRI T. VENKATESWARA RAO, C/O. SRI S. RAMA RAO, A DVOCATE, FLAT NO. 102, SHRIYA'S ELEGANCE, H. NO. 3-6-643, ST . NO. 9, HIMAYATNAGAR, HYDERABAD-500 029. 2. THE ASST. CIT, CIRCLE-8(1), HYDERABAD. 3. THE CIT(A)-III, HYDERABAD. 4. THE CIT-II, HYDERABAD. 5. THE DR BENCH 'B', ITAT, HYDERABAD