PR.COMMISSIONER OF INCOME TAX (CENTRAL), GURUGRAM vs. M/S NRM PORTFOLIOS PVT. LTD.

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ITA/408/2018HC Punjab & HaryanaPHHC01119275201803 May 2019Bench: MR. JUSTICE AJAY KUMAR MITTAL,MRS. JUSTICE MANJARI NEHRU KAUL1 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court dismissed the appeal as withdrawn with liberty granted to the Revenue to file an application for revival of the appeal as prayed for. The Court clarified that the withdrawal of the appeal by the Revenue would not be considered an affirmation of the ITAT's order on merits. Furthermore, the legal issue claimed by the Revenue was left open to be adjudicated in an appropriate case. No finding was reached on the merits of the case.

What were the facts?

The appeal was filed by the Principal Commissioner of Income Tax (Central), Gurugram (the Revenue) against an order of the Income Tax Appellate Tribunal (ITAT). The respondent is M/s. NRM Portfolios Pvt. Ltd. (the assessee). The tax effect involved in the appeal was ₹25,18,350. The appeal was decided on 03.05.2019 by the High Court of Punjab and Haryana at Chandigarh.

What were the issues?

1. Whether the appeal should be dismissed as withdrawn in view of the CBDT Circular No. 03/2018 dated 11th July, 2018, given the tax effect involved. Contentions: Assessee: No specific contentions are recorded for the assessee in the judgment. Revenue: The Revenue, through its learned counsel, stated that it had instructions to withdraw the present appeal in view of CBDT Circular No. 03/2018, dated 11th July, 2018, as the tax effect was ₹25,18,350. The Revenue prayed for liberty to file an application for revival of the appeal if something survives therein.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-408-2018 Decided on: 03.05.2019 Pr. Commissioner of Income Tax (Central), Gurugram .... Appellant

Vs M/s. NRM Portfolios Pvt. Ltd. ..... Respondent CORAM: HON'BLE MR. JUSTICE AJAY KUMAR MITTAL HON'BLE MRS. JUSTICE MANJARI NEHRU KAUL Present: Mr. Kunal Sharma, Sr. Standing Counsel for the appellant-Revenue. **** AJAY KUMAR MITTAL

, J (ORAL)

Learned counsel for the appellant-revenue states that since the tax effect involved is `25,18,350/-, he has instructions to withdraw the present appeal in view of the Circular No.03/2018, dated 11th July, 2018, issued by the C.B.D.T., New Delhi. However, he prayed 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 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. (AJAY KUMAR MITTAL) JUDGE (MANJARI NEHRU KAUL) 03.05.2019 JUDGE Dinesh Whether speaking/reasoned : Yes/No Whether Reportable : Yes/No DINESH KUMAR 2019.05.08 11:26 I attest to the accuracy and integrity of this document

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