Commissioner Of Income Tax-Iii, Ludhiana v. M/S Nahar Sugar & Allied Inds. Ltd

IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH ITA No. 117 of 2008 Decided on : 03.02.2016 Commissioner of Income Tax-III, Ludhiana Versus M/s Nahar Sugar & Allied Inds. Ltd. . . . Appellant . . . Respondent CORAM: HON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MRS. JUSTICE RAJ RAHUL GARG PRESENT: Mr. Rajesh Katoch, Advocatefor the appellant-revenue. **** AJAY KUMAR MITTAL, J. (Oral) Learned counsel for the appellant-revenue referred to the contentsof the appeal filed under Section 260A of the Income Tax Act, 1961 andpointed out that the deletion of disallowance of ` 27,65,600/- made on accountof interest paid to the Bank making non-business transactions and anotherdisallowance of ` 1,00,000/- being expenditure related to the lease agreementof boiler is under challenge in this appeal. According to him, the total amountcomes to ` 28,65,600/-. In such a situation, the tax effect in the present casewould be less than ` 20 lacs. It was fairly submitted that in view of the circularNo.21/2015, dated 10.12.2015 issued by the C.B.D.T., New Delhi, where themonetary limit prescribed by the Board is `20 lacs, the present appeal may alsobe dismissed as withdrawn as per the aforesaid circular. However, he prayedthat liberty be granted to the revenue to file an application for revival of theappeal in case something survives therein.2.Dismissed as withdrawn with liberty as prayed for.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 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 February 03, 2016 J.Ram (RAJ RAHUL GARG) JUDGE