Export Import Bank Of India v. Cit

Syed Shah Mohammed Quadri:— In this application under section 245Q(1) of the Income-tax Act, 1961 (for short “the Act”), Export Import Bank of India, a Public Sector Undertaking, proposed five questions for advance ruling of the Authority. In view of the request made by the applicant to withdraw the application, we consider it unnecessary to refer to them here.

2. The applicant requests to permit it to withdraw the application even though the statutory period of 30 days has elapsed. The applicant says that it was under the impression that clearance of the COD was not necessary for seeking advance rulings of the Authority and that it realized only after the order of the Authority that having regard to the order of the Hon'ble Supreme Court of India and the Memorandum issued by the Government (No. 53/3/6/91-Cab dated the 31 December, 1991 and No. 53/3/10/94-Cab dated the 24 January, 1994), that clearance by COD is a pre-requisite for approaching the Authority. However, it now proposes to pursue the remedies available under the Act. It did not apply for clearance so far.

3. This request for withdrawal is not opposed.

4. Having regard to the circumstances stated above, we are of the view that we cannot compel an unwilling applicant to pursue the matter before us. We have taken the view earlier (order dated February 25, 2004 in AAR/602/2002) that sub-section 3 of section 245Q of the Act entitles an applicant, to withdraw the application within 30 days, but it does not preclude the Authority from permitting withdrawal of the application after the statutory period if it considers appropriate so to do. On the facts aforementioned, we deem it just and proper to permit withdrawal of the application.

5. Accordingly, the application shall stand rejected.