This document delves into the details of ITA No. 743/Del/2021 filed by Green Cube Mercantile Consultants Pvt. Ltd. against the Principal Commissioner of Income Tax, Faridabad, for the assessment year 2016-17. The appeal was withdrawn by the assessee following a favorable order from the Assessing Officer, which did not levy penalties under sections 271E and 271D of the Income Tax Act, 1961.
The appeal was originally filed due to disagreements with the initial assessments and penalties proposed under sections 269SS and 269T. However, following a directive under section 263 of the Act by the PCIT and subsequent favorable reassessment that refrained from imposing penalties, the appellant decided to withdraw the appeal.
The hearing for this appeal was scheduled for 08/02/2023. Despite the notice, no representative for the assessee appeared on the date of hearing. Nevertheless, a petition for withdrawal had already been filed on 26.12.2022, which was accepted by the tribunal.
The Tribunal, after considering the petition and in absence of any objection from the Department’s representative, allowed the withdrawal of the appeal. This decision was made official in an open court session on 08/02/2023.
The withdrawal of the appeal marks the end of the dispute regarding the assessment year 2016-17 for Green Cube Mercantile Consultants Pvt. Ltd. This case highlights the impact of procedural directives like those under section 263 of the Act, and the reassessment processes on corporate tax disputes.
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