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TMI Blog2010 (5) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in respect of the very same subject matter, which is the grant of exemption under Section 10(23C)(iv) of the Income Tax Act, 1961 (hereinafter referred to as 'the said Act'). 2. In the first round, the petitioner had approached this Court by way of a writ petition being WP(C) No. 5579/2008, which was disposed of by this Court on 29.01.2009 by the following order:- "After hearing counsel for the parties in some detail, it appears that the Petition can be disposed of on the short ground that the Petitioner may, if so advised, withdraw its utilization/ investment with which India Exposition Mart Ltd. (IEML) and utilize/invest those funds as per Section 11 (5) of the Income Tax Act, 1961 (Act). Learned counsel for the Revenue ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was advised to withdraw the said investment from India Exposition Mart Limited and to place the said withdrawn funds into appropriate investments as stipulated in Section 11(5) of the said Act. The Court also made it clear that if this was done and an application was made, such application would be deemed to have been filed on 22.05.2007 and for all intents and purposes it would be treated as a substitute for the earlier application. It was also made clear that the fresh application would not prejudice, in any manner, the position which obtained in respect of the financial years 2001-2002 to 2004-2005. The present application was in respect of the financial years 2007-2008 to 2009-2010 corresponding to assessment years 2008-2009 to 2010-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner had withdrawn the investment in India Exposition Mart Limited and placed the same in a scheduled bank in compliance with the provisions of Section 11(5) of the said Act. It was made clear in the order passed by this Court that the second application that would be moved by the petitioner pursuant to the order of the High Court, would be treated as having been filed on 22.05.2007 and was to be an entire substitute of the original application. 6. Consequently, the impugned order to the extent that it denies exemption for the assessment year 2008-2009 is set aside. The respondent is directed to grant exemption for the assessment year 2008-2009 also in view of the fact that the petitioner has already complied with the directions g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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