Commissioner Of Income Tax-I, Ludhiana v. M/S Balwant Sales (P) Ltd

IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH ITA No. 919 of 2008 (O&M) Decided on : 29.02.2016 Commissioner of Income Tax-I, Ludhiana Versus M/s Balwant Sales (P) Ltd. . . . Appellant . . . Respondent CORAM: HON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MR. JUSTICE HARI PAL VERMA PRESENT: Mr. Rajesh Katoch, Advocate for the appellant-revenue. **** AJAY KUMAR MITTAL, J. (Oral) Learned counsel for the appellant-revenue submitted that theCommissioner of Income Tax-I, Ludhiana (in short 'the CIT') has initiated therevisional proceedings under Section 263 of the Income Tax Act, 1961 (forbrevity 'the Act'). However, the addition of `12,25,400/- was made underSection 68 of the Act on account of unexplained cash credits in respect ofseven persons. On the aforesaid premises, it was submitted that the tax effect,even if the order of the Tribunal is set aside, would be less than the monetarylimit prescribed in the circular No.21/2015, dated 10.12.2015, issued by theC.B.D.T., New Delhi. Therefore, learned counsel for the appellant-revenuestates that keeping in view the aforesaid circular, the present appeal may bedismissed as withdrawn. However, he prayed that liberty be granted to therevenue to file an application for revival of the appeal in case somethingsurvives therein. 2.Dismissed as withdrawn with liberty as prayed for.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 beaffirmation of order of the Tribunal on merits. Further, the legal issue asclaimed by the revenue is being left open to be adjudicated in an appropriatecase. (AJAY KUMAR MITTAL) JUDGE J.Ram (HARI PAL VERMA) JUDGE