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Judgment
Mr. Sanjiv Khanna, learned senior standing counsel for the Revenue, who has put in appearance on advance notice, submits that the petitioner has rushed to this Court without waiting for the decision of the AO on the preliminary issue raised by them with regard to his jurisdiction to take recourse to reassessment proceeding under s. 147/148 of the IT Act, 1961. Learned counsel submits that in view of the decision of the apex Court in GKN Driveshafts (India) Ltd. Vs. Income Tax Officer and Others, , the AO shall dispose of the objections, filed by the petitioner with regard to his jurisdiction to reopen the assessments under s. 147/148 of the Act, by a speaking order, before proceeding with the reassessment proceedings in respect of asst. yrs. 1996-97 and 1997-98,
In view of the aforenoted stand of learned counsel for the respondents, Mr. Syali, learned senior counsel for the petitioner, seeks leave to withdraw the writ petition with liberty to take recourse to appropriate proceedings, as may be available to the petitioner, in case the abovementioned objections do not find favor with the AO.
The writ petition is, accordingly, dismissed as withdrawn with liberty, as prayed.