Ita/499/2006 Of Commissioner Of Income-Tax Jalandhar v. M/S Sakay Traders Bast Nau, Jalandhar

ITA No. 499 of 2006 (O&M)-|- IN THE HIGH COURT OR PUNJAB AND HARYANA|AT CHANDIGARH ITA No. 499 of 2006 (O&M) Date of Decision: 01.04.2016 The Commissioner of Income Tax, Jalandhar-I, Jalandhar. ....... Appellant )#*&+& M/s Sakay Traders, Jalandhar. ...... Respondent CORAM: HON'BLE MR. JUSTICK RAJESH BINDAL,HON'BLE MR. JUSTICE HARINDER SINGH SIDHU Present:Mr. Vivek Sethi, Advocatefor the appellant. Mr. Alok Mittal, Advocate for the respondent. RAJESH BINDAL,J. This appeal has been filed under Section 260 A of theIncome Tax Act, 1961 (for short 'the Act’), against the order dated18.4.2006 passed by the Income Tax Appellate Tribunal, AmritsarBench, Amritsar, in ITA No.488(ASR)/2004, for the assessmentyear 2001-02, raising the following substantial question of law: Whether on the facts and in the circumstances ofthe case and in law, the ITAT was justified inallowing, for the purpose of calculating thededuction under Section 8QHHC, the expensesincurred on earning interest on FDRs, estimated bythe [TAT suo moto at 10% of such interest when nosuch issue was under adjudication before them? ITA No. 499 of 2006 (O&M) Learned counsel for the appellant-revenue submitted thatin view of circular No.21/2015 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, asthe tax effect involved is less than |=a20 lacs. However, he prays thatliberty be granted to the revenue to file an application for revival of theappeal in case something survives therein, Dismissed as not pressed with liberty as prayed for. It ishowever, clarified that withdrawal of the appeal by the revenue shallnot be taken as affirmation of order of the Tribunal on merits. Thelegal issue as claimed by the revenue is left open to be adjudicated inan appropriate case, (RAJESH BINDAL)JUDGE 01.04.2016TEe M (HARINDER SINGH SIDHU)JUDGEH