IN THE INCOME TAX APPELLATE TRIBUNAL H BENCH, MUMBAI , , BEFORE SHRI RAJENDRA, AM AND SHRI SANDEEP GOSAIN , AM ./ ITA NO. 7318/MUM/2012 ( / ASSESSMENT YEAR: 2006 - 06 ) M/S. HETAL R. SHAH C - 601, ADARSH GALAXY, ADARSH VIHAR COMPLEX, OFF MARVE ROAD MALAD (W), MUMBAI 400064 /APPELLANT / VS. INCOME TAX OFFICER - 24(1) - 4 / RESPONDENT C - 23, 502, PRATYAKSHKAR BHAVAN 5 TH FLOOR, BANDRA KURLA COMPLEX BANDRA (W), MUMBAI 400051 ./ PAN - AMWPS1620C / APPELLANT BY: SHRI HIREN R. SHAH / RESPONDENT BY : MS. KUSUM BANSAL / DATE OF HEARING : 24.11.2015 / DATE OF PRONOUNCEMENT : 09 .12.2015 / O R D E R PER SANDEEP GOSAIN, J.M THIS APPEAL IS PREFERRED BY ASSESSEE AGAINST THE ORDER DATED 25.09.2012 PASSED BY CIT(A) - 34, MUMBAI AND IT PERTAINS TO A.Y. 2005 - 06. 2 . ASSESSEE HAS RAISED THE FOLLOWING GROUNDS BEFORE THE TRIBUNAL: - ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD . C.I.T. (APPEALS) ERRED IN LEVYING THE PENALTY ON ADDITION OF RS.450,000/ - U/S 68 AS BOGUS GIFTS RECEIVED. 2 ITA NO. 7318/MUM/2012 MS. HETAL R. SHAH THE APPELLANT PRAY THAT LEVY OF PENALTY U/S. 271(1)(C) OF THE I TAX ACT ON ADDITION OF RS.450,000/ - U/S 68 AS BOGUS GIFTS RECEIVED SHOULD BE DELETED. WHILE P ASSING THE ORDER BY C.I.T. (APPEALS), WE HAVE NOT GIVEN THE OPPORTUNITY FOR A PERSONAL HEARING AND WITHOUT GIVING OPPORTUNITY OF HEARING ORDER HAVE BEEN PASSED. 3 . DURING THE COURSE OF HEARING THE LEARNED COUNSEL OF THE ASSESSEE MOVED AN APPLICATION DATED 24 .1 2.2015 FOR WITHDRAWAL OF THE APPEAL TO WHICH REVENUE HAS NO OBJECTION. WE, THEREFORE, ALLOW ASSESSEE TO WITHDRAW ITS APPEAL. ACCORDINGLY THIS APPEAL IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 9 TH DECEMBER, 2015. 09.12.2015 SD/ - SD/ - ( RAJENDRA ) ( SANDEEP GOSAIN ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI , DATED 9 TH DECEMBER, 2015 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) - 34 , MUMBAI 4. / THE CIT - 24 , MUMBAI 5. , , / DR, H BENCH ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER //TRUE COPY// /ASSTT. REGISTRAR) , /ITAT, MUMBAI N.P.