Hrishikesh Roy, J v. M/S. Shivani Ispat And Rolling Mills Pvt. Ltd

ITA 119/2017BEFOREHON’BLE MR. JUSTICE HRISHIKESH ROYHON’BLE MR. JUSTICE NELSON SAILO (Hrishikesh Roy, J) This Appeal relates to the claim of income tax exemption for the transport subsidy amount received by the assessee. The departmental authorities declared that the assessee is entitled to exemption to tax under Section 80-IB and 80-IC of theIncome Tax Act and that is how, the Commissioner of Income Tax (CIT) has filed this Appeal, under Section 260(A) of the Income Tax Act.Today when the case is listed for admission, Mr. S. Sharma, the learned standingcounsel for the Department produced the recent judgment in Commissioner of Income Tax vs. Meghalaya Steels Ltd. reported in (2016) 383 ITR 0217 (SC), to project that the issue about deduction of tax on account of transport subsidy is finally decided by the Supreme Court in favour of the assessee. Therefore adjudication of this Appeal is contended to be unnecessary and the departmental lawyer fairly submits that this Appeal should be dismissed on account of the judgment rendered by the Supreme Court, in the Meghalaya Steels Ltd. (Supra). In view of the above submission made by the standing counsel of the Income Tax Department and having regard to the ratio in Meghalaya Steels Ltd. (Supra), we order dismissal of the Appeal.