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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

M/s. Dorf Ketal Chemicals (I) P. Ltd. 1, Dorf Ketal Towers Orlem Malad (W), Mumbai 400064 Vs. DCIT, Central Circle-45 6th Floor, ayakar Bhavan M.K. Road, Mumbai 400020
June, 17th 2015
                IN THE INCOME TAX APPELLATE TRIBUNAL
                           "D" Bench, Mumbai

                 Before Shri D. Manmohan, Vice President
                and Shri Sanjay Arora, Accountant Member

                          ITA No. 3738/Mum/2012
                          (Assessment Year: 2004-05)

 M/s. Dorf Ketal Chemicals (I) P. Ltd.     DCIT, Central Circle-45
 1, Dorf Ketal Towers Orlem            Vs. 6th Floor, Àayakar Bhavan
 Malad (W), Mumbai 400064                  M.K. Road, Mumbai 400020
                           PAN - AAACD3819P
               Appellant                           Respondent

                    Appellant by:     Shri Saral Barlota
                    Respondent by:    Shri Santosh Kumar

                    Date of Hearing:       15.06.2015
                    Date of Pronouncement: 15.06.2015

                                  ORDER

Per D. Manmohan, V.P.

      This appeal by the assessee-company is directed against the order
passed by the CIT(A)-38, Mumbai and it pertains to A.Y. 2004-05. The order
of the CIT(A) was passed on 29.02.2012.






2.     When the case was listed for hearing assessee-company, vide its letter
dated 15th June, 2015, seeks to withdraw its appeal for the following reason:-

     "The second ground is relating to disallowance of Rs.15.04,414 included
     in amount of Rs.22,74,779 as DKCIPL was under the belief that there
     was double disallowance of an amount of Rs.15,04,414 in the
     assessment order dated 30 December 2010.
     DKCIPL is now in receipt of the rectification order dated 5 March 2015
     passed by the assessing officer for AY 2004-05 due to which the ground
     2 before your Honours would not survive.
     DKCIPL therefore submits that it does not wish to press for ground 2
     Therefore, in view of the letter dated 4 March 2015 and this
     letter, DKCIPL would like to withdraw its appeal for AY 2004-05."
3.     The learned counsel for the assessee submitted that the assessee is
not interested in pursuing the appeal. The learned D.R. has no objection in
this regard.
                                          2                    ITA No. 3738/Mum/2012
                                                     M/s. Dorf Ketal Chemicals (I) P. Ltd.






4.        Having regard to the circumstances of the case, we permit the
assessee to withdraw its appeal.

5.        In the result, the appeal filed by the assessee is dismissed.

Order pronounced in the open court on 15th June, 2015.

                    Sd/-                                      Sd/-
               (Sanjay Arora)                           (D. Manmohan)
            Accountant Member                            Vice President

Mumbai, Dated: 15th June, 2015

Copy to:

     1.   The   Appellant
     2.   The   Respondent
     3.   The   CIT(A) ­ 38, Mumbai
     4.   The   CIT, Central-IV, Mumbai
     5.   The   DR, "D" Bench, ITAT, Mumbai
                                                          By Order

//True Copy//
                                                      Assistant Registrar
                                              ITAT, Mumbai Benches, Mumbai
n.p.

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