The Commissioner Of Income Tax, Ludhiana v. Suresh Kumar Kohli

IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH ITA No. 136 of 2000 (O&M)Decided on : 28.01.2016 The Commissioner of Income Tax, Ludhiana. Versus Suresh Kumar Kohli, Prop. ... Appellant ... Respondent CORAM: HON'BLE MR. JUSTICE AJAY KUMAR MITTALHON'BLE MRS. JUSTICE RAJ RAHUL GARG PRESENT: Mr. Rajesh Katoch, Advocatefor the appellant. Mr. Salil Kapoor, Advocate andMr. Sumit Lalchandani, Advocatefor the respondent. **** AJAY KUMAR MITTAL, J. (Oral) Learned counsel for the assessee submitted that the respondent-assessee had claimed the benefit of profits earned out of the unrecorded saleamounting to426,604,106 whereas the Tribunal had remanded the matter to thAssessing Officer to recalculate the peak of the Bank account keeping in view thedirections contained in the order dated 28.02.2000 passed by the Tribunal. It wascontended that even if the entire amount otf426,604,106 was taken intoconsideration by applying 60% rate of tax, the tax effect would be less than4(,lacs, 2.This fact, however, could not be controverted by the learned counselfor the appellant and he submitted that keeping in view the circular No. 21/2015,dated 10.12.2015 issued by the C.B.D.T., New Delhi, the present appeal may bedismissed as withdrawn. However, liberty may be granted to the revenue to file an application for revival of the appeal in case something survives therein. 3.Dismissed as withdrawn with liberty as prayed for. It is, however,clarified that withdrawal of the appeal by the revenue shall not be taken to beaffirmation of order of the Tribunal on merits. Further, the legal issue as claimedby the revenue is being left open to be adjudicated in an appropriate case. (AJAY KUMAR MITTAL)JUDGE January 28, 2016 smriti (RAJ RAHUL GARG)JUDGE