2016 (7) TMI 1438 - HC - Income Tax

Monetary limit - tax effect involved - Held that - As appellant-revenue states that since the tax effect involved is ₹ 13,35,093/-, she has instructions to withdraw the present appeal in view of the circular No.21/2015, dated 10.12.2015 issued by the C.B.D.T., New Delhi. She prayed that liberty be granted to the revenue to file an application for revival of the appeal in case something survives therein. Dismissed as withdrawn with liberty as prayed for. However as clarified that withdrawal of the appeal by the revenue shall not be taken to be affirmation of order of the Tribunal on merits. Further, the legal issue as claimed by the revenue is being left open to be adjudicated in an appropriate case.

Summary

The High Court of Punjab and Haryana dismissed the appeal with a tax effect of Rs. 13,35,093/-, allowing the revenue to file for revival if necessary. The withdrawal does not affirm the Tribunal's order on merits, leaving the legal issue open for future adjudication.