Ita/237/2003 Of Commissioner Of Income Tax Asr v. M/Ssachdev And Sons

ITA No. 237 of 2003 (O&M) -|- IN THERE HIGH COURT OR PUNJAB AND HARYANA|AT CHANDIGARH ITA No. 237 of 2003 (O&M) Date of Decision: 11.05.2016 Commissioner of Income Tax-II, Amritsar ....... Appellant *"+%,% M/s Sachdeva and Sons (KOU) ....Respondent CORAM: HON'BLE MR. JUSTICE RAJESH BINDALHON'BLE MR. JUSTICE HARINDER SINGH SIDHUHON'BLE MR. JUSTICE HARINDER SINGH SIDHU Present:Mr. Denesh Goyal, Advocatefor the appellant.for the appellant. Mr. Avneesh Jhingan, Advocate|for the respondent. RAJESH BINDAL,J. This appeal has been filed under Section 260 A of the Income Tax Act, 1961 (for short ‘the Act’), against the order dated30.6.2003 passed by the Income Tax Appellate Tribunal, Amritsar Bench,Amritsar, in ITA No. 55(ASR)/2002, for the assessment year 1998-99)raising the following substantial question of law: Whether, on the facts and circumstances of the case, theTribunal is right in law and fact in holding that there isno transfer within the meaning section 45(4) read withsection 2(47) of the Act, whereas section 45(4) includetransfer of capital asset by the firm otherwise than on itsdissolution and also when section 2(47) is fullyapplicable in this case? ITA No. 237 of 2003 (O&M) Learned counsel for the appellant-revenue submitted that inview oft circular No21/2015 dated 10.12.2015 read with circularNo.279/Misc/M-142/2007-ITJ (Part) dated 8.3.2016, issued by CentralBoard of Direct Taxes, he does not wish to press the present appeal, as thetax effect involved is less thanLy20 lacs. However, he prays that liberty begranted to the revenue to file an application for revival of the appeal in casesomething survives therein. Dismissed as not pressed with liberty as prayed for. It ishowever, clarified that withdrawal of the appeal by the revenue shall not betaken as affirmation of order of the Tribunal on merits. The legal issue asclaimed by the revenue is left open to be adjudicated in an appropriate case, (RAJESH BINDAL)JUDGE 11.05.2016T@eIN (HARINDER SINGH SIDHU)JUDGE