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2018 (1) TMI 1609 - ITAT CHENNAIMaintainability of appeal - low tax effect - tax effect on account of the said alleged audit objection - Reopening of assessment on audit objection disallowing of total income as admitted before adjustment of loss as well as disallowance of depreciation claim on MS Rolls - HELD THAT:- Revenue has filed the present petition to recall the order of the Tribunal [2016 (7) TMI 1590 - ITAT CHENNAI] and adjudicate the issue on merits on the ground that there was audit objection and such audit objection was accepted by the Department, but, the Revenue has not filed any documentary evidence along with the petition or during the course of hearing of the petition. On perusal of the approval granted by the Principal Commissioner of Income Tax-6, Chennai under Rule 15 of Appellate Tribunal Rules, 1963, it appears that the appeal was filed by the Revenue in the regular course and not on the basis of audit objection. Therefore, it is obvious that para 8 of Circular No.21 of 2015 issued by CBDT is not applicable. We find that against dismissal of the Miscellaneous Petition filed by the Revenue in the case of DCIT v. Paragon Steels Pvt. Ltd. [2017 (3) TMI 1825 - ITAT CHENNAI] the Revenue preferred further appeal before the Hon’ble Madras High Court [2017 (12) TMI 1604 - MADRAS HIGH COURT]. While dismissing the appeal filed by the Revenue held Tribunal ultimately concluded that paragraph 8 of Circular No.21/2015 issued by the Central Board of Direct Taxes is not applicable and accordingly, the said miscellaneous petition filed by the Revenue was rejected. MP filed by the Revenue stands dismissed.
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