Ita/606/2006 Of Commissioner Of Income Tax v. M/S Kuldeep Sood Enterprises

ITA No. 606 of 2006 (O&M)-|- IN THE HIGH COURT QORKR PUNJAB AND HARYANA.AT CHANDIGARH ITA No. 606 of 2006 (O&M) Date of Decision: 11.04.2016 Commissioner of Income Tax, Ludhiana-II ....... Appellant (!)$*$ M/s Kuldip Sood Enterprises Gill Road, Ludhiana ...... Respondent CORAM: HON'BLE MR. JUSTICE RAJESH BINDALHON'BLE MR. JUSTICE HARINDER SINGH SIDHU Present:Mr. Zora Singh Klar, Advocatefor the appellant. Mr. Akshay Bhan, Sr. Advocate withMr. 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 dated20.4.2006 passed by the Income Tax Appellate Tribunal, ChandigarhBench (B), in ITA No. 806/Chandi/2002, for the assessment year1988-89, raising the following substantial question of law; Whether on the facts and in the circumstances of thecase the ITAT was right in deleting the penalty of =2,96, 340/ u/s 271(1)(c) of the Income Tax Act, 1961despite the fact that the concealment of income bythe assessee has been uphold by the ITAT itself videits order I$FTA #£No.999/Chand1/1993 7}17.10.20002 ITA No. 606 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 thanLy20 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. The legalissue aS Claimed by the revenue is left open to be adjudicated in anappropriate case. (RAJESH BINDAL)JUDGE 11.04.2016TeeMa (HARINDER SINGH SIDHU)JUDGEH