2016 (12) TMI 1814

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..... er 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 .....

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..... 03 and 217 of 2003. 2. The trigger for taking out the present Notices of Motion in disposed of petitions is the communication received by the Income Tax Recovery Officer from the original petitioner (Stock Exchange) dated 4th May, 2016 The above communication after making reference to the above two disposed of Writ Petitions informed the Revenue that there is surplus amount of ₹ 1,57,06,642.26 and ₹ 11,09,849.93 each in the accounts of defaulters Mr. Bharat Khona and Mr. Akhil K. Dalal (subject matter of the two petition) being the auction proceeds of their membership rights and the Stock Exchange is in the process of releasing these surplus amounts to the two defaulting members. 3. The Writ Petition Nos. 215 of 2003 and 2 .....

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..... filed by the Revenue is inappropriate. 5. However, it may be recorded that Mr. Banerjee, 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. 6. In the above view, both the Notices of Motion are dismissed. No order as to costs. - - TaxTMI - TMITax - I .....

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