Ita/653/2008 Of Commissioner Of Income Tax-Ii, Ludhiana v. M/S Rockman Cycles Industries Ltd

ITA No. 653 of 2008 (O&M) IN THERE HIGH COURT OR PUNJAB AND HARYANA.AT CHANDIGARH ITA No. 653 of 2008 (O&M) Date of Decision: 02.05.2016 Commissioner of Income Tax, Ludhiana-II ....... Appellant *$+',' M/s Rockman Cycle Industries Limited ......Respondent CORAM: HON'BLE MR. JUSTICE RAJESH BINDALHON'BLE MR. JUSTICE HARINDER SINGH SIDHUHON'BLE MR. JUSTICE HARINDER SINGH SIDHU Present:Mr. Zora Singh Klar, Advocatefor the appellant.for 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 dated16.10.2007 passed by the Income Tax Appellate Tribunal, ChandigarhBench (A), in ITA No. 927/Chandi/2006, tor the assessment year2001-02, raising the following substantial questions of law: (1) Whether on the facts and in law the ITAT wasjustified in deleting the addition of —Li4,30,474/-being expenditure incurred on the foreign travel ofthe director's spouses for non-business purpose? (141) Whether on the facts and in the circumstances othe case ITAT was justified in law in deleting theaddition of.4One lakh on account of estimating thevalue of closing stork of consumable _ storemachinery repair etc? Learned counsel for the appellant-revenue submitted that inview of 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, 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 shall notbe 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 02.05.2016TEeIN (HARINDER SINGH SIDHU)JUDGE