Assistant Commissioner of Income Tax vs Concord Biotech Ltd.

Parties Involved

Facts Summary

The Assistant Commissioner of Income Tax filed appeals against separate appellate orders passed by the Commissioner of Income Tax (Appeals) relating to the assessment years 2018-19 and 2020-21. The assessee, Concord Biotech Ltd., filed cross objections against the appeals. The Tax Effect for the assessment years 2018-19 and 2020-21 was Rs.51,08,360/- and Rs.53,89,164/- respectively, which is below the threshold of Rs.60,00,000/- as prescribed by the CBDT Circular No. 09/2024 dated 17/09/2024. The appeals were dismissed following the circular, and the cross objections were allowed.…

Legal Issues

• 1. The appeals filed by the Revenue are dismissed following CBDT Circular No. 09/2024 dated 17/09/2024.
• 2. The Cross Objections filed by the Assessee are hereby allowed.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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