2020 (11) TMI 23 - HC - Income Tax

Valuation of Shares / assets - Validity of various provisions of Sections 49, 50CA and 56 of the Income Tax Act, 1961 as well as provisions of Rules 11U, 11UA, 11UAA, 11UAC and 11UAD of the Income Tax Rules, 1962 - HELD THAT -Since there is challenge to validity of the relevant provisions of the statute, notice may be issued to the office of the learned Attorney General of India. Mr. Sham Walve, learned standing counsel for the Revenue submits that he has received instructions that a special counsel for the Respondents may be engaged in this case. Stand over to 26th November, 2020.

Summary

The Bombay High Court heard a petition challenging the validity of certain provisions of the Income Tax Act, 1961 and related rules. Notice issued to Attorney General of India. Case adjourned to 26th November, 2020.