The DCIT(OSD), Cir.4, Ahmedabad v. Lancer Laser Tech Ltd
[Citation -2016-LL-0916-121]
| Citation | 2016-LL-0916-121 |
|---|---|
| Appellant Name | The DCIT(OSD), Cir.4, Ahmedabad |
| Respondent Name | Lancer Laser Tech Ltd. |
| Court | ITAT-Ahmedabad |
| Relevant Act | Income-tax |
| Date of Order | 16/09/2016 |
| Assessment Year | 2010-11 |
| Judgment | View Judgment |
| Keyword Tags | industrial estate • excess interest • tax effect • bad debt |
| Bot Summary: | CIT(A)- VIII/DCIT/Cir-4/115/12-13, in proceedings under section 143(3) of the Income Tax Act, 1961; in short the Act. The Revenue s twin substantive grounds challenge the lower appellate order deleting the addition made on account of disallowance of bad debt and that on account of disallowance of excess interest of Rs. 12,19,543/- and Rs. 16, 69, 426/- ; respectively made in assessment order dated 28-01-2013. There is no dispute that the net tax effect in the instant appeal is less than Rs. 10 lacs. We find that the Central Board of Direct Taxes; hereafter the Board has issued the circular no. 21/2015 dated 10-12-2015 clearly envisaging therein that department s pending appeals before the tribunal/high courts are to be withdrawn/not pressed as per the above stated circular. We take into consideration the above stated Board s circular and dismiss the instant appeal accordingly. This Revenue s appeal is dismissed as having low tax effect. |