COMMISSIONER OF INCOME TAX-III, LUDHIANA vs. M/S LUDHIANA STOCK EXHANGE ASSOC. LTD.

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ITA/577/2008HC Punjab & HaryanaPHHC01080583200808 January 2025Bench: MR. JUSTICE ARUN PALLI,MRS. JUSTICE SUDEEPTI SHARMA1 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court did not decide the substantive merits of the appeal. Instead, based on the submissions of both parties, the Court ordered the petition to be disposed of as not pressed. The respondent's counsel indicated that a recent circular rendered the appeal infructuous, and the appellant's counsel agreed to its disposal on this basis. The Court granted liberty to the appellant to move a miscellaneous application for restoration of the appeal if any cause of action, interest, or dispute still survived. No finding was reached on any specific tax-related issue, and the operative direction was to dismiss the appeal as withdrawn.

What were the facts?

This case involves an appeal filed by the Commissioner of Income Tax-III, Ludhiana (the appellant/revenue) against M/s Ludhiana Stock Exchange Association Ltd. (the respondent/assessee). The specific assessment year(s) and the order or action under challenge are not detailed in the provided text. The procedural history is limited to the present hearing before the High Court of Punjab and Haryana at Chandigarh. The matter was listed for decision on 08.01.2025.

What were the issues?

The primary issue before the High Court was the fate of the appeal. The respondent/assessee, through their senior counsel, submitted that in light of Circular No. 9/2024 dated September 17, 2024, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, nothing substantive remained in the petition, and it should be disposed of. The appellant/revenue, faced with this submission, stated that the petition should be disposed of as not pressed. No specific questions of law or fact were explicitly framed or debated in the provided text, nor were specific IT Act sections or case law arguments detailed by either side for a substantive decision on merits.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-577-2008 (O&M) Date of decision: 08.01.2025 The Commissioner of Income Tax-III, Ludhiana …. Appellant Vs. M/s Ludhiana Stock Exchange Association Ltd. …. Respondent CORAM: HON’BLE MR. JUSTICE ARUN PALLI HON’BLE MRS. JUSTICE SUDEEPTI SHARMA Present: Mr. Ranvijay Singh, Senior Standing Counsel for the appellant. Ms. Radhika Suri, Senior Advocate with Mr. Abhinav Narang, Advocate, Ms. Parnika Singla, Advocate, and Mr. Raj Sumer Singh, Advocate, for the respondent. ARUN PALLI, J (Oral) Learned Senior counsel for the respondent submits that in the wake of the circular No.9/2024, dated September 17, 2024, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, nothing substantive survives in the petition, and the same be disposed of. Faced with this, learned counsel for the appellant submits that let this petition be disposed of being not pressed. Ordered accordingly. However, in case, any cause of action/interest/dispute still survives, the appellant shall be at liberty to move a miscellaneous application in this appeal itself for its restoration and appropriate orders. (ARUN PALLI) JUDGE (SUDEEPTI SHARMA) JUDGE 08.01.2025 deepak Whether speaking/reasoned : Yes/No Whether reportable : Yes/No DEEPAK KUMAR 2025.01.10 11:22 I attest to the accuracy and authenticity of this document P & H High Court, Chandigarh

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