2019 (10) TMI 1256 - SCH - Income Tax

Deduction u/s 80IA - Industrial undertaking - Special Deduction - assessee claimed deduction under section 80-IA(4)(i) of the Act in respect of profits - AO disallowed the claim for deduction on the ground that there was no agreement by the assessee with the Government of Rajasthan in supersession of the original agreement between the government of Rajasthan and the firm - Commissioner (Appeals) confirm the action of the Assessing Officer. The Tribunal held that the assessee was entitled to deduction as there was statutory vesting of liabilities and assets of the firm in the company and the agreement mentioned firm to mean and include successors and assigns - HELD THAT - Appellant, on instructions, in terms of Circular dated 22.08.2019 bearing No. F. No.390/Misc./116/2017-JC issued by the Department of Revenue, Ministry of Finance, seeks permission to withdraw this appeal along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The appeal and pending applications are dismissed as withdrawn, leaving question of law open

Summary

The Supreme Court allowed the appellant to withdraw the appeal and pending applications due to low tax effect, as per Circular dated 22.08.2019. The appeal and applications were dismissed as withdrawn, leaving the question of law open.