2023 (3) TMI 417

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....es this Court under Article 226 of the Constitution of India with the following prayers : "A) By allowing the writ petition and by issuing appropriate writ in the nature of certiorari or of like nature, impugned order passed by Ld. Assessment Officer, Income Tax, Aurangabad dated 29.07.2022 under section 148A (d) of Income Tax Act, 1961 (Exh. 'I') may kindly be quashed and set aside. B) By allowing the writ petition and by issuing appropriate writ in the nature of certiorari or of like nature, impugned notice passed by Ld. Income Tax Officer, Ward-1 (5), Aurangabad dated 29.07.2022 under section 148 of Income Tax Act, 1961 (Exh. 'J') may kindly be quashed and set aside." 2. Learned Senior Advocate Mr. Sajiv B. Deshpande....

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....b) of the Income Tax Act, 1961 [hereinafter referred to as 'the Act' for short] alleging that the petitioner/society sold the property at CTS No.17852 at sale consideration of Rs.6,51,000/- against the Government valuation of Rs.51,70,500/-. The petitioner is liable to pay capital gain tax on Rs.45,19,500/-. Accordingly, the petitioner was called upon to show-cause. The petitioner responded to the notice and pointed out that it would not be permissible under law to open the assessment of income tax returns filed by the petitioner for the year 2014-2015 since the valuation of alleged escaped assessment is less than Rs.50 Lakhs. The indexed cost of acquisition, litigation cost and capital gain in the alleged transaction was less than Rs.50 La....

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....ed not be entertained. He would rely upon respective Judgments of the Supreme Court, Delhi High Court as well as High Court of Madhya Pradesh, which are as under: (i) ACIT Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. reported in (2007) 161 Taxman 316 (SC) (ii) Raymond Woollen Mills Ltd. Vs. Income-Tax Officer & Others reported in (1999) 152 CTR 418 (SC) (iii) Harinder Singh Bedi S/o Shri Teja Singh Bedi Vs. Union of India & Others, in Writ Petition No.22734/2022 dated 27th October, 2022 (iv) ERNST and Young U.S. LLP Vs. Assistant Commissioner of Income Tax (International Taxation), reported in (2022) 114 CCH 341 [HC-Delhi] 7. We have considered the respective submissions and considered the documents relie....

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....rived at the conclusion that the valuation of the escaped assessment is more than Rs.51,70,500/- for the assessment year 2015-2016. 9. It is trite, this Court has recognized some exceptions to the rule of alternative remedy, i.e., where the statutory authority has not acted in accordance with the provisions of the enactment in question, or in defiance of the fundamental principles of judicial procedure, or has resorted to or invoked the provisions which are repealed and such other similar matters. However, while exercising the power under Article 226 of the Constitution, the Court would certainly take note of the legislative intent manifest in the provisions of the Act and would exercise jurisdiction consistent with the provisions of the....