Pr. Commissioner Of Income Tax (Central), Gurgaon v. M/S Times Finvest & Commerce Ltd

{1} IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH ITA No.198 of 2016 Date of decision:20.09.2017 Pr. Commissioner of Income Tax (Central), Gurgaon ... Appellant Vs. M/s Times Finvest & Commerce Ltd.... Respondent CORAM:HON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MR. JUSTICE AMIT RAWAL Present:-Mr. Rajesh Sethi, Senior Standing Counsel withMr. Arun Biriwal, Advocate and Mr. Tushar Gera, Advocatefor the appellant. Mr. Pankaj Jain, Senior Advocate with Mr. Sachin Bhardwaj, Advocate and Mr. Divya Suri, Advocatefor the respondent. AJAY KUMAR MITTAL, J. (ORAL) 1.Learned counsel for the revenue submitted that the disputedaddition is to the extent of `14,57,517/- and tax effect would be `7,67,930/-.It was urged that in such circumstances keeping in view the rate of taxation, the tax effect would be less than `20 lacs, the monetary limit prescribed bythe C.B.D.T., New Delhi, vide circular No.21/2015, dated 10.12.2015,therefore, he has instructions to withdraw the present appeal. However, heprayed that liberty be granted to the revenue to file an application for revival of the appeal in case something survives therein. 2.Dismissed as withdrawn with liberty as prayed for. It is,however, clarified that withdrawal of the appeal by the revenue shall not betaken to be affirmation of order of the Tribunal on merits. Further, the legalissue as claimed by the revenue is being left open to be adjudicated in anappropriate case (AJAY KUMAR MITTAL)JUDGE September 20, 2017savita (AMIT RAWAL) JUDGE Whether Speaking/ReasonedWhether Reportable Yes/NoYes/No