Commissioner Of Income Tax(Central), Ludhiana v. M/S Highway Cycles Industries Ltd., Ludhiana

ITA No.305 of 20041 IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH ITA No.305 of 2004Date of Decision : 04.08.2016 Commissioner of Income Tax(Central), Ludhiana Versus ...... Appellant M/s Highway Cycles Industries Ltd., Ludhiana ...... Respondent CORAM :HON'BLE MR.JUSTICE S.J.VAZIFDAR, ACTING CHIEF JUSTICEHON'BLE MR. JUSTICE DEEPAK SIBAL ... Present :Mr. Zora Singh Klar, Senior Standing Counsel,for the appellant-Department. Mr. Alok Mittal, Advocate, tor the respondent. ... S.J.VAZIFDAR, ACTING CHIEF JUSTICE (ORAL) Learned counsel for the appellant-revenue states that since thetax effect involved is 45,37,986/-, he has instructions to withdraw thepresent appeal in view of the circular No.21/2015, dated 10.12.2015 issuedby the C.B.D.T., New Delhi. However, he prayed that liberty be granted tothe revenue to file an application for revival of the appeal in case somethingsurvives therein| taken to be affirmation of order of the Tribunal on merits. Further, the legalissue aS Claimed by the revenue is being left open to be adjudicated in anappropriate case.