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

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ITA/579/2008HC Punjab & HaryanaPHHC01080585200808 January 2025Bench: MR. JUSTICE ARUN PALLI,MRS. JUSTICE SUDEEPTI SHARMA1 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court disposed of the appeal as not pressed, based on the submissions made by both parties. The respondent's counsel indicated that a recent circular rendered the appeal infructuous. The appellant's counsel conceded to the disposal of the petition. The court ordered accordingly. However, the appellant was granted liberty to move a miscellaneous application for restoration of the appeal if any cause of action, interest, or dispute still survived. No substantive issues were adjudicated upon, and therefore, no ratio decidendi was established.

What were the facts?

The appeal was filed by the Commissioner of Income Tax-III, Ludhiana (appellant) against M/s Ludhiana Stock Exchange Association Ltd. (respondent). 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 case reached the High Court of Punjab and Haryana at Chandigarh. The matter was listed for decision on January 8, 2025.

What were the issues?

The High Court was not required to decide any substantive issues on merits. The respondent'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's counsel agreed that the petition be disposed of as not pressed. No specific questions of law or fact were debated or decided by the court.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-579-2008 (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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