Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 1814 - HC - Income TaxRecovery proceedings - Notices of Motion - communication received by the Income Tax Recovery Officer from the original petitioner (Stock Exchange) - Stock Exchange to prohibitory and attachment orders issued by the Revenue in regard to membership card licensed to Mr. Bharat S. Khona and Mr. Akhil Dalal - Auction proceeds of their membership rights and the Stock Exchange is in the process of releasing these surplus amounts to the two defaulting members - HELD THAT:- This Court followed the decision of the Apex Court in Bombay Stock Exchange vs. V.S.Kandalgaonkar & Ors.[ 2014 (10) TMI 368 - SUPREME COURT] wherein it is held that the member has no right to Stock Exchange membership card as it is only a personal privilege. Consequent to the disposal of the petitions by this Court it is a settled position in law that this Court becomes Functus Officio. Therefore an application relating the disposed of petition cannot be entertained. In any case, the cause of action of the Revenue, if any, in respect of the communication dated 4th May, 2016 arises post disposal of the Writ Petitions by Order dated 15th October, 2015. Consequently the cause of action on the basis of which this application is filed is a separate and distinct cause of action. Therefore the Revenue is free to adopt such proceedings as they deem fit in respect of letter dated 4th May, 2016. However, the present applications seeking to modify the order dated 15th October, 2015 by taking out this Notice of Motion cannot be entertained by us in a disposed of petition. Moreover it appears the communication dated 4th May, 2016 is separate cause of action and the present application filed by the Revenue is inappropriate. Learned Counsel appearing for the original Petitioner– Stock Exchange on instruction states that for a period of eight weeks from today, the original petitioner – Stock Exchange will not part with the surplus amount of ₹ 1,57,06,642.26 and ₹ 11,09,849.93 or any part thereof received on sale of the membership card to the defaulting members Mr. Bharat Khona and Mr. Akhil K. Dalal. This should give more than sufficient time to the Revenue to consider its position in law and take appropriate proceedings, in law if so advised. Both the Notices of Motion are dismissed.
|