IN SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO(S)./2016 (Arising out of Civil Appeal Diary No(s).37250/2014) ASSISTANT COMMISSIONER OF INCOME TAX APPELLANT(S) VERSUS PALLAV SHETH AND ORS. RESPONDENT(S) WITH CIVIL APPEAL NO(S). 4207/2015 ORDER Delay condoned. Appeal admitted. Finally heard. In these two appeals filed by Income Tax Department/Revenue there is challenge to order dated 14.10.2011 which was passed by Special Court (Trial of Offences Relating to Transaction in Securities) at Mumbai in SP.C.R. No. 13 of 2011. By that order Special Court had directed, as interim measure, disbursement of amount in sum of Rs.2,88,62,273/- in favour of respondent/Canbank Financial Services Ltd. It was released in favour of respondent/Canbank Financial Services Ltd. from attached account of Fairgrowth Financial Services Ltd., subject Signature Not Verified Digitally signed by ASHWANI KUMAR Date: 2016.07.13 matter of which is seized by said Special Court. Revenue 16:28:57 IST Reason: was not heard when aforesaid order was passed. According to Revenue, it has priority over amount. For this reason, 2 Revenue preferred review application which has been dismissed vide order dated 18.07.2014 without assigning any reasons or going through issue raised by Revenue. second appeal challenges order passed in review application. Without commenting upon validity or legality of order passed, we are of opinion, that Special Court should have dealt with review application of Revenue herein on merits and decided issue on priority by giving detailed reasons. For this reason alone, two orders passed by Special Court Court are set aside and matters are remitted back to Special Court to pass fresh order after hearing Revenue. We may make it clear that insofar as this Court is concerned, it has not expressed any opinion on merits of this issue. appeals are disposed of in above stated terms. ......................J. [A.K. SIKRI] ......................J. [N.V. RAMANA] NEW DELHI; JULY 12, 2016. 3 ITEM NO.1 COURT NO.12 SECTION XVII SUPREME COURT OF INDIA RECORD OF PROCEEDINGS Civil Appeal Diary No(s). 37250/2014 ASST. COMMISSIONER OF INCOME TAX Appellant(s) VERSUS PALLAV SHETH AND ORS Respondent(s) WITH C.A. No. 4207/2015 (With appln.(s) for condonation of delay in filing appeal. and appln.(s) for exemption from filing c/c of impugned judgment and Office Report) Date : 12/07/2016 These appeals were called on for hearing today. CORAM : HON'BLE MR. JUSTICE A.K. SIKRI HON'BLE MR. JUSTICE N.V. RAMANA For Appellant(s) Mr. Maninder Singh, ASG Mr. Rupesh Kumar, Adv. Mrs. Anil Katiyar,Adv. For Respondent(s) Mr. Pradeep Sancheti, Sr. Adv. Ms. Sunita Dutt, Adv. Mr. Shashank Trivedi, Adv. Ms. Jyoti Mendiratta, Adv. Mr. Arvind Kumar Tewari,Adv. UPON hearing counsel Court made following ORDER Delay Condoned. Appeal admitted. Civil Appeals are disposed of in terms of signed order. Application(s) pending, if any, shall stand disposed of accordingly. (Ashwani Thakur) (Tapan Kr. Chakraborty) COURT MASTER COURT MASTER (Signed order is placed on file) Assistant Commissioner of Income-tax v. Pallav Sheth and Or