PSL LTD, MUMBAI V. DCIT 7(1), MUMBAI

ITA 5095/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 2669 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-10-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 06-10-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 06-08-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: WITHDRAWAL LETTER DT

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C , MUMBAI , , BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI RAJESH KUMAR , ACCOUNTANT MEMBER ITA NO. : 5095 /MUM/20 1 4 (ASSESSMENT YEAR: 20 1 0 - 11 ) PSL LTD , 615, MAKWANA ROAD, MAROL, ANDHERI (EAST), MUMBAI - 400 0 59 PAN: AA A CP 2734 K VS DC IT 7 ( 1 ), IT OFFICES, AAYAKAR BHAVAN M K ROAD, MUMBAI - 400 020 (APPELLANT) (RESPONDENT) APPELLANT BY WITHDRAWAL LETTER DT.04.10.2016 RESPONDENT BY SHRI RAJESH KUMAR /DATE OF HEARING : 06 - 10 - 201 6 / DATE OF PRONOUNCEMENT : 06 - 10 - 2 016 ORDER , PER AMIT SHUKLA , J.M. : THE AFORESAID APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST IMPUGNED ORDER DATED 10.06.2014 PASSED BY LD. CIT(APPEALS) - 14, MUMBAI FOR THE ASSESSMENT YEAR 2010 - 11. A LETTER DA TED 4 TH OCTOBER, 2016 SIGNED BY THE MANAGING DIRECTOR OF THE ASSESSEE - COMPANY, HAS BEEN FILED WHEREIN, IT HAS BEEN STATED THAT, THE ASSESSEE - COMPANY WANTS TO WITHDRAW THE APPEAL FILED BEFORE THIS TRIBUNAL. THE LETTER READS AS UNDER: 2 PSL LTD MOHIT RAKESH KUMAR GUPTA ITA NO. : 5095 /MUM/201 4 THE INCOME TAX APPEL LATE TRIBUNAL 4 TH FLOOR, OLC C.G.O. BUILDING, 101, MAHARSHI KARVE MARG, MUMBAI - 400 020 C - BENCH RE: APPEAL NO.5095/MUM - 2014 FOR AY 2010 - 11 RESPECTED SIR, WE REFER TO THE APPEAL NO.5095/MUM - 2014 FILED AGAINST THE ORDER PASSED BY CIT, MUMBAI. DUE TO DEPR ESSED MARKET CONDITION FOR COMPANYS PRODUCT I.E. STEEL PIPES THE COMPANY HAS INCURRED HEAVY LOSSES DURING THE PAST SIX YEARS. THE COMPANY HAD SOUGHT LONG - RESTRUCTURING PROCESS FROM BIFR, NEW DELHI AND IT IS IN PROCESS. IN THIS SITUATION WE FEEL THAT WE M AY WITHDRAW OUR APPEALS FILED BEFORE ITAT AND HENCE THE FOLLOWING REQUEST WE HEREBY WITHDRAW OUR ENTIRE APPEAL FOR THE ASSESSMENT YEAR 2010 - 11 FILED AGAINST THE ORDER OF CIT(A). WE SUBMIT BEFORE THE HONBLE TRIBUNAL OUR ABOVE REQUEST FOR NECESSARY ACTION . THANKING YOU, YOURS FAITHFULLY, FOR PSL LIMITED SD/ - (XXX) MANAGING DIRECTOR 2. THE LD. DR ALSO DID NOT HAVE ANY OBJECTION. 3. ACCORDINGLY, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 6 TH OC TOBER, 2016. SD/ - SD/ - ( RAJESH KUMAR ) ( ) ( ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 6 TH OCTOBER, 2016 . 3 PSL LTD MOHIT RAKESH KUMAR GUPTA ITA NO. : 5095 /MUM/201 4 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3 ) THE CI T ( APPEAL ) 13 , MUMBAI. 4 ) THE CIT - 7 , MUMBAI 5 ) , , / THE D.R. C BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY O RDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS