Axis Bank Limited v. Income Tax Officer 19(3()(2)Mumbai And Ors

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.1673 OF 2013 Axis Bank Limited. ...Petitioners. vs. Income Tax officer 19(3()(2)Mumbai and ors....Respondents. Mr. Mardhur Agarwal i/by Mr. A .K. Jasani for the Petitioner.Mr. P.C. Chhotaray for the Respondents. CORAM : M. S. SANKLECHA AND G.S. KULKARNI, JJ.DATE : 22 JULY 2014 DATE : PC: Mr. Agarwal, learned Counsel for the petitioner states that this petition essentially challenges an order raising a demand upon the petitioners in its capacity as a beneficiary of five trusts namely a) India Structured Asset Trust Series XI, b) India Structured Asset Trust Series VI , c) India Structured Asset Trust Series IV, d) India Structured Asset Trust Series III and e) India Structured Asset Trust Series II. 2)Mr. Agarwal, learned Counsel for the petitioners informs us that CIT (Appeals) has by various orders allowed the appeal of the above five Trusts. Consequently demand made on the petitioners as beneficiaries of the five Trusts would no longer survive. 3)However, Mr. Agarwal, learned Counsel for the petitioners makes a grievance that the Assessing Officer has not given effect to the orders passed by the CIT(A) in respect of the Trusts. Mr. Chhotaray, learned Counsel for the Revenue states that the petitioner before the Court is not the Trust. Nevertheless he fairly states that the Assessing officer who is also respondent No.1 herein would in due course give necessary effect to the order passed by the CIT(A). 4)Accordingly the petition is dismissed as infrctuous. (G. S. KULKARNI, J.) (M.S. SANKLECHA, J.)