Hsbc Securities & Capital Markets(India) Pvt. Ltd v. Dy. Commissioner Of Income Tax-4(1) & Ors

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. WRIT PETITION NO.1143 OF 2010 HSBC Securities & Capital Markets(India) Pvt. Ltd....Petitioner. Vs. Dy. Commissioner of Income Tax-4(1) & Ors....Respondents. .... Mr.J.D.Mistry, Sr.Advocate with Mr. Atul K.Jasani for the Petitioner.Mr.Vimal Gupta for the Respondents. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. June 21, 2010. P.C. : The challenge in these proceedings under Article 226 of the Constitution is to an order dated 26 March 2010 passed by the Deputy Commissioner of Income Tax-4(1), Mumbai, by which refund of Rs.2,78,62,380/- determined as payable for Assessment Year 2008-09 has been adjusted against a demand in the amount of Rs.1,60,02,593/- for Assessment Years 2002-03 and 2005-06 respectively. At the hearing of the petition, Counsel appearing on behalf of the Revenue states on the instructions of Shri B.S. Bisht, Assistant Commissioner of Income Tax, who is holding the charge of the post of the First Respondent that since the adjustment was effected without furnishing an intimation as required in law, the impugned order dated 26 March 2010 is being withdrawn. This statement is accepted. The First Respondent has also made a statement that for Assessment Year 2002-03 an order shall be passed under Section 220(6) within a period of four weeks from today. For Assessment Year 2005-06, it has been stated on the basis of the instructions by Learned Counsel that an order has been passed by the First Respondent, giving effect to the order of the Appellate Authority. In view of these statements, which have been made on behalf of the First Respondent, no further directions are sought in these proceedings by the Petitioner. Hence, the Petition shall stand disposed of. The Respondents shall abide by their statements. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)