2018 (11) TMI 1892 - AT - Income Tax

Revision u/s 263 by CIT - HELD THAT - The present appeals filed by the appellant against the orders passed by the PCIT u/s 263 have merely been rendered academic in nature.In the aforesaid circumstances the appellant seeks permission of the Hon ble Tribunal to withdraw the captioned appeals. Accordingly the captioned appeals may kindly be dismissed as withdrawn.DR did not object if the appeals of the assessee are dismissed as withdrawn. Thus the appeals filed by the assessee are dismissed as withdrawn.

Summary

Issues:
1. Appeal against the order of the Principal Commissioner of Income Tax under section 263 of the Income Tax Act for assessment years 2008-09 to 2011-12.
2. Withdrawal of appeals by the assessee.
3. Dismissal of appeals as withdrawn.

Analysis:
1. The appeals were directed against the order of the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act for the assessment years 2008-09 to 2011-12. The PCIT had set aside two issues to the file of the assessing officer for fresh examination: a claim for deduction under section 80-1A of the Act in respect of profits from steam generation and the amount received from the sale of carbon credits treated as a capital receipt. Subsequently, fresh assessments were made by the assessing officer, who accepted the claims of the appellant after detailed examination. Therefore, the appeals were rendered academic as per the consequential orders passed by the assessing officer.

2. The appellant, through written submissions, sought permission to withdraw the appeals in light of the assessments made by the assessing officer accepting their claims. The counsel for the assessee informed the tribunal about the withdrawal of the appeals, and the Senior DR did not object to the withdrawal. Consequently, the appeals filed by the assessee were dismissed as withdrawn by the tribunal.

3. The tribunal, considering the submissions made by the appellant and the lack of objection from the Senior DR, proceeded to dismiss the appeals as withdrawn. The order to dismiss the appeals was pronounced in the open court on 19/11/2018. As a result, the appeals of the assessee were officially dismissed by the tribunal.