BADAR DURREZ AHMED, J (ORAL)

1. This is the second round of litigation before this Court in respect of the very same subject matter, which is the grant of exemption under Section 10(23C)(iv) of the Income Tax Act, 1961 (hereinafter referred to as the said Act.

2. In the first round, the petitioner had approached this Court by way of a writ petition being WP(C) No. 5579/2008, which was disposed of by this Court on 29.01.2009 by the following order:-

"After hearing counsel for the parties in some detail, it appears that the Petition can be disposed of on the short ground that the Petitioner may, if so advised, withdraw its utilization/ investment with which India Exposition Mart Ltd. (IEML) and utilize/invest those funds as per Section 11 (5) of the Income Tax Act, 1961 (Act). Learned counsel for the Revenue agrees that since this is the only objection against the Petitioner, in respect of its application for exemption under Section 10 of the Act, the Petitioners may apply afresh after compliance is made under section 11 (5) and that application shall be deemed to have been filed on 22.5.2007 when the application for according exemption was filed in the first instance. For