2016 (1) TMI 1364 - HC - Income Tax

Tax effect involved - monetary limit - Held that - Since the tax effect involved is ₹ 11,12,407/-, revenue 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. Dismissed as withdrawn with liberty as prayed for.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 be affirmation of order of the Tribunal on merits. 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 by the appellant-revenue with a tax effect of Rs. 11,12,407, in accordance with circular No.21/2015 issued by the CBDT, New Delhi. The revenue was granted liberty to file an application for revival of the appeal if necessary, without affirming the Tribunal's order on merits. The legal issue claimed by the revenue was left open for adjudication in a suitable case.