J P MATHUR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE petitioner is aggrieved against the demand created by respondent No. 2 of the Rs. 25,313 as demand of income-tax by disallowing the exemption provided under s. 10(14) of the IT Act. According to learned counsel for the petitioner, the. controversy has been settled down by Division Bench in LIC of India vs. Union of India (2003) 179 CTR (Raj) 432 : (2003) 260 ITR 41 (Raj) and connected DEC Special Appeal No. 406/2001 decided on 22nd Jan., 2003. According to both the counsel, in view of decision of this Court, this demand of Rs. 25,313 against the petitioner is liable to be quashed.

(2.) IN view of above submission of learned counsel for the parties, the writ petition of the petitioner is allowed. The demand raised against the petitioner of Rs. 25,313 under s. 10(14) of the IT Act is quashed. Consequently, the notice of demand is also quashed.