ITAT dismisses revenue appeal due to Monetary Limit & Assessee Appeal for non attendance

DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact that the Revenue’s appeal is below tax of Rs.50 lakh. Accordingly ITAT are inclined to allow withdrawal of appeal filed by the Revenue. Thus appeal of the Revenue is dismissed. As far as appeal of the assessee is concerned, the case record reveals that neither the assessee nor the counsel for asse...