1 IN SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO(S). 1502/2008 PUNJAB STATE CO-OP.AGRI.DEV. BANK LTD. APPELLANT(S) VERSUS COMMISSIONER OF INCOME TAX-I & ANR. RESPONDENT(S) WITH C.A. No. 1503/2008 O R D E R appellant is engaged in business of banking. It had been filing income tax returns claiming exemption from tax under Section 80P(2)(a)(i) of Income Tax Act for last 40 years prior to Assessment Year in question i.e. Assessment Year 1999-2000. For this year also, though return filed by appellant was accepted, notice under Section 148 read with Section 147 of Income Tax Act was issued for reopening assessment on ground that deduction under Section 80P(2)(a)(i) of Act was wrongly given inasmuch as appellant is not banking company registered under Banking Registration Act, 1949 and was not having any banking licence from Reserve Bank of India. reasons to believe that income as escaped, assessment was furnished to appellant to which appellant filed Signature Not Verified objections. However, these objections were rejected. Challenging Digitally signed by ASHWANI KUMAR Date: 2015.12.08 16:17:33 IST Reason: that order appellant filed writ petition in High Court which has been dismissed by High Court by impugned judgment 2 dated 18.10.2006. Against that order special leave petition was filed in which leave was granted and that is how present appeal has come before us. Learned counsel appearing for appellant-bank at outset apprised Court about certain subsequent developments by submitting that after aforesaid order was passed by High Court, Assessing Officer proceeded with assessment holding that appellant/assessee was not entitled to any deduction under aforesaid provisions of Act. Against that assessment order appellant preferred appeal before CIT(Appeals) which was allowed by CIT(Appeals). order of CIT (Appeals) was challenged by Department before Tribunal and that appeal has also been dismissed. In view of aforesaid events, it is clear that present appeals have become infructuous. We, thus, dispose of these appeals as infructuous leaving question of law open. ......................J. [A.K. SIKRI] ......................J. [C. NAGAPPAN] NEW DELHI; NOVEMBER 27, 2015 3 ITEM NO.102 COURT NO.13 SECTION IIIA S U P R E M E C O U R T O F I N D I RECORD OF PROCEEDINGS Civil Appeal No(s). 1502/2008 PUNJAB STATE CO-OP.AGRI.DEV. BANK LTD. Appellant(s) VERSUS COMMISSIONER OF INCOME TAX-I & ANR. Respondent(s) (with appln. (s) for permission to place addl. documents on record) WITH C.A. No. 1503/2008 (With Interim Relief and Office Report) Date : 27/11/2015 These appeals were called on for hearing today. CORAM : HON'BLE MR. JUSTICE A.K. SIKRI HON'BLE MR. JUSTICE C. NAGAPPAN For Appellant(s) Mr. Sudhir Walai, Adv. Ms. Niharika Ahluwalia, Adv. Dr. Abhishek Atrey,Adv. For Respondent(s) Ms. Nisha Bagchi, Adv. Ms. Shweta Garg, Adv. Ms. Sujeeta Srivastava, Adv. Mr. B. V. Balaram Das,Adv. UPON hearing counsel Court made following O R D E R civil appeals are dispose of in terms of signed order. Interlocutory Application(s) pending, if any, shall stand disposed of accordingly. (Ashwani Thakur) (Rajinder Kaur) COURT MASTER COURT MASTER (Signed order is placed on record) Punjab State Co-op. Agri. Dev. Bank Ltd. v. Commissioner of Income-tax-I & Anr