Itta/591/2017 Of The Commissioner Of Income Tax v. M/S Supriya Wines

The Hon’ble Sri Justice C.V.Nagarjuna Reddyand The Hon’ble Sri Justice Challa Kodanda RamITTA No.591 of 2017Date: 07.11.2017 Between: The Commissioner of Income-Tax, Vijayawada … Appellant andM/s.Supriya Wines BCM Road, Paloncha, Khammam District …Respondent Counsel for the Appellant: Mr.J.V.Prasad, Senior Standing Counsel for Income Tax Dept., The Court made the following: Judgment: (Per the Hon’ble Sri Justice C.V.Nagarjuna Reddy) The issue as to, whether license in the name of one partner could be treated as the license in favour of the “firm as such”, was decided by the Income Tax Appellate Tribunal, ‘SMC’ ‘A’ Bench, Hyderabad, in favour of the respondent- assessee. Mr.J.V.Prasad, learned Senior Standing Counsel for Income Tax Department, submitted that in view of Circular No.21/2015 dated 10.12.2015, of the Central Board of Direct Taxes, the appellant does not intend to pursue this appeal as its value is below the monetary limits prescribed therein. In view of the above, the Appeal is dismissed as not pressed. ______________________ (C.V.Nagarjuna Reddy, J) _____________________ (Challa Kodanda Ram, J) CVNR, J & CKR, J ITTA.No.591 of 2017 Dt: 07.11.2017