Commissioner Of Incometax (International Taxation And Transfer Pricing v. M V Clipper Lasco, Mv Siam Opal And M V Vostok

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 512 of 2018 ====================================== COMMISSIONER OF INCOMETAX (INTERNATIONAL TAXATION AND TRANSFER PRICING)Versus M V CLIPPER LASCO, MV SIAM OPAL AND M V VOSTOK ====================================== Appearance: MR.VARUN K.PATEL(3802) for the APPELLANT(s) No. 1for the RESPONDENT(s) No. 1 ====================================== CORAM: HONOURABLE MR.JUSTICE M.R. SHAHandHONOURABLE MR.JUSTICE A.Y. KOGJE Date : 16/07/2018ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.Feeling aggrieved and dissatisfied with the impugned order passed by the learned Income Tax Appellate Tribunal, Rajkot Bench, Rajkot (hereinafter referred to as “the learned Tribunal”) dated 31/08/2017 in ITA No.284/RJT/2013 for the Assessment Year 2011-12, revenue has preferred the present Tax Appeal. 2.At the outset, it is required to be noted that the tax effect in the present Tax Appeal is less than Rs.50 lacs, and therefore, considering the recent Circular issued by the CBDT dated 11/07/2018, being Circular No.3/2018, present Tax Appeal is not required to be entertained. Under the circumstances, Shri Patel, learned advocate appearing on behalf of the revenue seeks permission to withdraw the present Tax Appeal, however, has requested to reserve the liberty in favour of the appellant to revive the Appeal in case any further directions are issued by the CBDT clarifying Circular No.3/2018. Permission is accordingly granted. Present Tax Appeal stands dismissed as withdrawn with the above liberty. (M.R. SHAH, J.) (A.Y. KOGJE, J.) siji