SANDOZ INDIA LTD ( NOW MERGED WITH CLARIANT CHEMICALS (I) LTD), MUMBAI V. ACIT RG 1(1), MUMBAI

ITA 4279/MUM/2011

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 6010 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 1 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-07-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 1987-1988
• Appeal Filed On: 26-05-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V JUSTIN
• Assessee Lawyers: SANJIV M SHAH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR , ACCOUNTANT MEMBER ITA NO. 4279/MUM./2011 ( ASSESSMENT YEAR : 1987 88 ) M/S. SANDOZ INDIA LTD. (NOR MERGED WITH CLARIANT CHEMICALS INDIA LTD.), 194, CHURCHGATE RECLAMA TION, RAVINDRA ANNEXE, D.V. ROAD MUMBAI 400 020 AAACC5602P . APPELLANT V/S ASSTT. COMMISSIONER OF INCOME TAX RANGE 1(1), MUMBAI . RESPONDENT ASSESSEE BY : SHRI SANJIV M. SHAH REVENUE BY : SHRI V. JUSTIN DATE OF HEARING 12.07.2018 DATE OF ORDER 12.07.2018 O R D E R PER SAKTIJIT DEY, J.M. THIS IS AN APPEAL BY THE ASSESSEE AGAINST ORDER DATED 8 TH FEBRUARY 2011, PASSED BY THE LEARNED COMMISSIONER (APPEALS) 1, MUMBAI, CONFIRMING THE PENALTY IMPOSED OF ` 29,77,198, UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961 (FOR SHORT THE ACT) FOR THE ASSESSMENT YEAR 1987 88. 2 . WHEN THE APPEAL WAS CALLED FOR HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE DOES NOT WANT TO PURSUE THE APPEAL, HENCE, PERMITTED TO WITHDRAW THE SAME. IN THIS CONTEXT, THE LEARNED COUNSEL 2 M/S. SANDOZ INDIA LTD. ALSO FURNISHED LETTER DATED 11 TH JULY 2 018, SIGNED BY SHRI SANJAY GHATGE, CHIEF FINANCIAL OFFICER, OF THE ASSESSEE COMPANY, THE CONTENTS OF WHICH ARE AS UNDER: 11 JULY 2018 THE HON'BLE MEMBERS, E' BENCH, INCOME TAX APPELLATE TRIBUNAL MUMBAI DEAR SIR, M/S. SANDOZ INDIA LIMITED (NOW KNOWN AS CLARIANT CHEMICALS (I) LIMITED) ITA NO. 4279/MUM/2011 ASSESSMENT YEAR 1987 - 88 THE ABOVE MENTIONED APPEAL HAS BEEN FIXED FOR HEARING ON 12 JULY 2018 BEFORE THE HON'BLE MEMBERS OF 'E' BENCH. WITH REGARDS TO THE ABOVE MENTIONED APPEAL, WE HEREBY WISH TO WITH DRAW THE SAID APPEAL. WE THEREFORE REQUEST YOUR HONOUR TO WITHDRAW THE AFORESAID APPEAL. THANKING YOU, YOURS FAITHFULLY FOR CLARIANT CHEMICALS INDIA LIMITED SD/ AUTHORISED SIGNATORY MR. SANJAY G HATGE (CHIEF FINANCIAL OFFICER) 3 . THE LEARNED DEP ARTMENTAL REPRESENTATIVE HAS NO OBJECTION TO WITHDRAWAL OF THE APPEAL BY THE ASSESSEE. IN VIEW OF THE AFORESAID, WE ALLOW WITHDRAWAL OF THE APPEAL BY THE ASSESSEE. CONSEQUENTLY, THE APPEAL IS DISMISSED AS WITHDRAWN. 3 M/S. SANDOZ INDIA LTD. 4 . IN THE RESULT, ASSESSEES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 12.07.2018 SD/ - RAMIT KOCHAR ACCOUNTANT MEMBER SD/ - SAKTIJIT DEY JUDICIAL MEMBER MUMBAI, DATED: 12.07.2018 COPY OF THE ORDER FORWARDED TO : ( 1 ) THE ASSESSEE; ( 2 ) THE REVENUE; ( 3 ) THE CIT(A); ( 4 ) THE CIT, MUMBAI CITY CONCERNED; ( 5 ) THE DR, ITAT, MUMBAI; ( 6 ) GUARD FILE . TRUE COPY BY ORDER PRADEEP J. CHOWDHURY SR. PRIVATE SECRETARY (SR. PRIVATE SECRETARY) ITAT, MUMBAI