O.S.W.H.C Vs Commissioner,I.T

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S.J.C. No.135 of 1997

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04. 20.03.2019

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Heard learned counsel for the petitioner and learned Senior Standing Counsel for the Income Tax Department.

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By way of this application, the petitioner has prayed for issuance of a direction to learned Income Tax Appellate Tribunal, Cuttack Bench, Cuttack (hereinafter referred to as “the Tribunal”) to refer the questions of law as stated in the reference application vide Annexure-5 to the writ petition, to this Court for opinion.

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The question of law sought to be referred reads as under:

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“Whether on the facts and in the circumstances of the case, the Assessee is entitled to exemption from tax on its interest and other income under Section 10(29) of the Income Tax Act, 1961?”

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Learned counsel for the petitioner states that the issue in question is referred to the Larger Bench of Supreme Court of India pursuant to the order dated 23.02.2000, passed in Civil Appeal No.6650 of 1995 (Commissioner of Income Tax vs. Gujarat State Warehousing Corporation Ltd.) , reported in (2000) 245 ITR 1 (SC), and the same pending for consideration.

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Considering such submissions made, we are making it clear that the parties will be governed by the decision of the Supreme Court in the above mentioned case. It is made clear that if the issue in question is decided by the Supreme Court, in the above mentioned case, in favour of the Assessee, the Assessee will appear before the Tribunal within three months from the date of decision of the Supreme Court and if the decision will be in favour of the opposite party, the Department is directed to take follow up action, as per law.

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With the above observation, this S.J.C. stands disposed of.

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Issue urgent certified copy as per Rules.

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.……..........………… ( K.S. Jhaveri ) Chief Justice

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……………….…….. ( K.R. Mohapatra ) Judge

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SKG/MP

O.S.W.H.C v. Commissioner,I.T

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O.S.W.H.C v. Commissioner,I.T

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