Pr Commissioner Of Income Tax Gurgaon v. M/S Times Finvest & Commerce Ltd

ITA No.198 of 2016 {1}

IN THE HIGH COURT OF PUNJAB & HARYANA

AT CHANDIGARH ITA No.198 of 2016 Date of decision:20.09.2017 Pr. Commissioner of Income Tax (Central), Gurgaon ... Appellant Vs.

M/s Times Finvest & Commerce Ltd.

... Respondent

CORAM:

HON'BLE MR. JUSTICE AJAY KUMAR MITTAL HON'BLE MR. JUSTICE AMIT RAWAL Present:- Mr. Rajesh Sethi, Senior Standing Counsel with Mr. Arun Biriwal, Advocate and Mr. Tushar Gera, Advocate for the appellant.

Mr. Pankaj Jain, Senior Advocate with Mr. Sachin Bhardwaj, Advocate and Mr. Divya Suri, Advocate for the respondent.

AJAY KUMAR MITTAL, J. (ORAL) 1.

Learned counsel for the revenue submitted that the disputed addition is to the extent of `14,57,517/- and tax effect would be `7,67,930/-. It was urged that in such circumstances keeping in view the rate of taxation, the tax effect would be less than `20 lacs, the monetary limit prescribed by the C.B.D.T., New Delhi, vide circular No.21/2015, dated 10.12.2015, therefore, he has instructions to withdraw the present appeal. However, he prayed that liberty be granted to the revenue to file an application for revival Savita 2017.09.25 10:19 I attest to the accuracy and integrity of this document High Court Chandigarh

ITA No.198 of 2016 {2} of the appeal in case something survives therein. 2.

Dismissed as withdrawn with liberty as prayed for. It is, however, clarified that withdrawal of the appeal by the revenue shall not be taken to be affirmation of order of the Tribunal on merits. Further, the legal issue as claimed by the revenue is being left open to be adjudicated in an appropriate case (AJAY KUMAR MITTAL) JUDGE (AMIT RAWAL) JUDGE September 20, 2017 savita Whether Speaking/Reasoned Yes/No Whether Reportable Yes/No Savita 2017.09.25 10:19 I attest to the accuracy and integrity of this document High Court Chandigarh