COMMISSIONER OF INCOME TAX-III, LUDHIANA vs. M/S LUDHIANA STOCK EXCHANGE ASSOCIATION

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ITA/578/2008HC Punjab & HaryanaPHHC01080584200808 January 2025Bench: MR. JUSTICE ARUN PALLI,MRS. JUSTICE SUDEEPTI SHARMA1 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court, acknowledging the submissions of both parties, ordered the disposal of the appeal as not pressed. The reasoning was based on the representation made by the assessee's counsel regarding the impact of a subsequent circular issued by the Central Board of Direct Taxes, which rendered the appeal infructuous. The revenue's counsel concurred with this course of action. The operative direction was to dispose of the appeal accordingly. The court also granted the appellant liberty to move a miscellaneous application for restoration if any cause of action, interest, or dispute still survived. No specific findings on the merits of the original dispute were made, and no ratio decidendi was established for future reference.

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 explicitly stated in the provided text. The procedural history indicates that the matter was listed before the High Court of Punjab and Haryana at Chandigarh. The amount in dispute is not mentioned. The appeal was disposed of based on a subsequent development.

What were the issues?

The primary issue before the High Court was the fate of the appeal filed by the revenue. The respondent/assessee's 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's counsel agreed to the disposal of the petition as not pressed. No specific legal provisions or prior judgments were cited in the arguments presented.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-578-2008 (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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