ACIT, Circle-19(2), New Delhi V. Panacea Biotech Ltd., New Delhi

ITA 6185/DEL/2017

• Counselvise Citation: [2020] 109 COUNSELVISE.COM (IT) 9495 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-12-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2008-2009
• Appeal Filed On: 05-10-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M BARRNWAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI F BEN CH, NEW DELHI [THROUGH VIDEO CONFERENCE] BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDIC IAL MEMBER ITA NO. 6185/DEL/2017 [ASSESSMENT YEAR: 2008-09] THE A.C.I.T VS. PANACEA BIOTECH LTD CIRCLE - 19(2) B-1, EXTN G-3, MOHAN CO-OPERATIVE NEW DELHI. INDL. ESTATE, MATHURA ROAD, NEW DELHI PAN : AAACP 5335 J [APPELLANT] [RESPONDENT] DATE OF HEARING : 17.12.2020 DATE OF PRONOUNCEMENT : 17.12.2020 ASSESSEE BY : SHRI SHAILESH GUPTA, ADV REVENUE BY : SHRI M. BARRNWAL, SR. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- THIS APPEAL BY THE REVENUE IS PREFERRED AGAINST TH E ORDER OF THE COMMISSIONER OF INCOME TAX [APPEALS] 24, NEW DELH I DATED 28.06.2017 PERTAINING TO ASSESSMENT YEAR 2008-09. 2 2. A PERUSAL OF THE GRIEVANCE OF THE REVENUE SHOWS THAT THE TAX EFFECT WOULD BE LESS THAN RS. 50 LAKHS, THEREFORE, THIS APPEAL IS NOT MAINTAINABLE AS PER CBDT CIRCULAR NO. 17/2019 DATED 08.08.2019. 3. THIS APPEAL IS, ACCORDINGLY, DISMISSED WITH LIBE RTY TO THE REVENUE TO APPROACH THE TRIBUNAL AS PER THE PROVISIONS OF L AW, SHOULD IT FEEL THAT THE TAX EFFECT IS MORE THAN RS. 50 LAKHS. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IN ITA NO. 6185/DEL/2017 STANDS DISMISSED. THE ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF REPRESENTATIVES OF BOTH THE SIDES ON 17.12.2020. SD/- SD/- [KULDIP SINGH] [N.K. BILLAIYA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED 17 TH DECEMBER 2020 VL/ 3 COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ASST. REGISTRAR, ITAT, NEW DELHI DATE OF DICTATION DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.PS/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER