PR. COMMISSIONER OF INCOME TAX Vs. ALCON DEVELOPERS

JUDGEMENT

(1.) Heard Ms. Susan Linhares for the appellant and Mr. P. Pardiwala learned Senior Advocate with Mr. Vinod Korgaonkar for the respondent.

(2.) The tax effect in this appeal is Rs. 75,17,162/-. Therefore, in terms of CBDT Circular No.17/2019, the same, should not have been ordinarily pursued by the Revenue. However, Ms. Linhares, on instructions, submitted that this was a matter where the revenue audit objections had been raised and accepted by the department and therefore, the revenue wishes to pursue this appeal, consistent with the exemptions provided in CBDT Circular No.17/2019 and 21/2015. Accordingly, we have heard the learned counsel on merits.

(3.) This Appeal was admitted on 27.09.2017 on the following substantial questions of law:-