Tax appeal remitted for fresh adjudication after Supreme Court ruling, with delay condoned and merits left open.

The tax appeal was disposed of by remitting the matter to the authority for fresh adjudication in light of the Supreme Court's ruling in Assistant Commissioner of Income Tax (Exemption) v. Ahmedabad Urban Development Authority. The delay in filing the appeal was condoned, but the substantive controversy was not decided on merits. The parties accepted that reconsideration was required under the Supreme Court's ratio, and the matter was sent back for decision accordingly.

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Issues: Whether the appeal, in light of the governing Supreme Court ruling, was liable to be disposed of by remitting the matter to the authority concerned for fresh adjudication.

Analysis: The delay in filing the tax appeal was condoned. The substantive controversy was not decided on merits in the present order. The parties accepted that the issue required reconsideration in the light of the Supreme Court's ruling in Assistant Commissioner of Income Tax (Exemption) v. Ahmedabad Urban Development Authority.

Conclusion: The appeal was disposed of and the matter was remitted to the authority concerned for fresh decision in accordance with the Supreme Court's ratio.

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