CHEMSTAR ORGANICS (INDIA) LTD, MUMBAI V. ITO WD 1(3),

ITA 4848/MUM/2015

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 9267 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-09-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 14-06-2017
• Assessment Year: 2006-2007
• Appeal Filed On: 31-08-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJAT MITTAL
• Assessee Lawyers: WITHDRAWAL LETTER
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C, MUMBAI BEFORE SHRI SKTIJIT DEY (JUDICIAL MEMBER) AND SHRI G MANJUNATHA (ACCOUNTANT MEMBER) I.T.A NO.4848 /MUM/2015 (ASSESSMENT YEAR 2006-07) M/S CHEMSTAR ORGANICS (INDIA) LTD, 4 TH FLOOR, PNB HOUSE, SIR P.M. ROAD, FORT, MUMBAI- 400 001 PAN : AAACC9210F VS ITO, WD.1(3), BARODA APPELLANT RESPONDENT APPELLANT BY WITHDRAWAL LETTER RESPONDENT BY SHRI RAJAT MITTAL DATE OF HEARING 19-09-2017 DATE OF PRONOUNCEMENT 25 -09-2017 O R D E R PER G MANJUNATHA, AM : THIS APPEAL IS FILED BY THE ASSESSEE AND DIRECTED AGAINST THE ORDER OF THE CIT(A)-I, BARODA DATED 30-03-2012 AND IT PERTAINS T O AY 2006-07, RAISING THE FOLLOWING GROUNDS OF APPEAL: GROUNDS OF APPEAL I RELIEF CLAIMED IN APPEAL 1. TO DELETE RS 29,15,787/- AS UNSECURED LOANS. 2. TO DELETE RS 2,62,00,000/- AS SHARE APPLICATION MON EY SINCE IT S BOOK ENTRY AND WRONGLY CONSIDERED AS UNEXPLAINED CASH CREDIT U/S 68 3. TO ALLOW OF RS 48,79,744/-, AS EXPENSE INCURRED BY THE COMPANY FOR LEGAL CASES AND ADMINISTRATIVE EXPENSES . 2. THE ASSESSEE, VIDE LETTER DATED SEPTEMBER 15, 2017 HAS SOUGHT PERMISSION TO WITHDRAW THE APPEAL, AS THEY ARE NOT INTERESTED IN PURSUING THE APPEAL. THE LD.DR HAS ACCEDED TO THE PROPOSITION. IN THE CIRCUMSTANCES, WE DISMISS THE APPEAL, AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN AT THE TIME OF HEARING . SD/- SD/- (SAKTIJIT DEY) (G MANJUNATHA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DT : 25 TH SEPTEMBER, 2017 PK/- COPY TO : 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR /TRUE COPY/ BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI