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TMI Blog2017 (1) TMI 1513X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court on the issue has ceased its binding force and hence preference should be given to the judgment of the Hon'ble J&K High Court as SLP against the same has been dismissed, cannot be countenanced. We, therefore, hold that the decision taken by the Hon'ble jurisdictional High Court in several cases including that of the assessee itself holds the field and, accordingly, the benefit of exemption u/s 11 of the Act cannot be denied. The impugned order on the issue is overturned and it is directed to grant exemption u/s 11 of the Act. - Decided in favour of assessee. - ITA Nos.4631 And 4632/Del/2017 - - - Dated:- 4-1-2017 - SHRI R.S. SYAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER For The Assessee : Shri Piyush ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer took note of an order passed by the Amritsar Bench of the Tribunal in the case of Jammu Development Authority in which, the order u/s 12AA(3) of the CIT cancelling registration to the Jammu Development Authority, was approved and such order was upheld by the Hon'ble Jammu Kashmir High Court. The Assessing Officer further observed that SLP against the said judgment came to be dismissed by the Hon'ble Supreme Court. In view of the fact that there were two sets of decisions one in which the issue was decided in favour of the assessee and the other, being, the dismissal of the SLP- direction u/s 144A of the Act was sought from the Additional Commissioner of Income-tax on the eligibility of exemption u/s 11 of the Act. Considerin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e through the lead order passed by the Tribunal for the assessment year 2009-10, whose copy is available on page 75 of the paper book. In this order, the Tribunal considered the effect of proviso to section 2(15) and, thereafter, held that the activities of the assessee of construction and sale of plots were incidental to the main object of town planning and, hence, exemption u/s 11 was to be granted. The said order of the Tribunal was challenged by the Department before the Hon'ble Allahabad High Court. Vide its judgment dated 03.05.2017, a copy of which is available on page 80 of the paper book, the Hon'ble Allahabad High Court dismissed the Revenue s appeal by following another judgment of the co-ordinate Bench in CIT vs. Yamuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tution. A mere dismissal of SLP without giving any reasons, cannot be equated with exposition of law by the Hon ble Supreme Court so as to indicate the imprimatur on the reasoning and/or the ratio decidendi of the High Court in the judgment. In such circumstances, there is no merger of the judgment of the Hon ble High Court. The Hon'ble Apex Court in Hemalatha Gargya vs. CIT (2003) 259 ITR 1 (SC ), has held that dismissal of SLP in limine: could not operate as a confirmation of the reasoning in the decision sought to be appealed against .. . Similar view has been taken by the Hon'ble Summit court in Kunhayammed Ors vs. State of Kerala and Anr (2000) 245 ITR 360 (SC), in which their Lordships have held that an order refusing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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