2017 (9) TMI 1106

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..... a - Held that:- The petitioner is directed to abide by the decision of the Hon'ble Supreme Court where the challenge to the impugned provisions are pending. It is made clear that in the event the Hon'ble Supreme Court upholds the impugned legislation and the Department initiates action or proceeds with the action already initiated, the petitioner/assessee is not entitled to plead limitation and th .....

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..... me Tax Act, 1961 as introduced by the Finance Act 2005, as well as the Rules made in the Income Tax Rules, 1994, as ultra vires Articles 14, 19(1)(g) of the Constitution of India and as beyond the legislative competence of Parliament, in so far as the members of the petitioner association is concerned. 3. The learned counsel for the petitioner as well as the learned counsel for the Revenue subm .....

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..... d by the Department or in the process of being initiated, is barred by limitation. 6. The Revenue need not have any apprehension in this regard, as the Court proposes to safeguard the interest of the Revenue by passing the following orders: The petitioner is directed to abide by the decision of the Hon'ble Supreme Court where the challenge to the impugned provisions are pending. It is .....

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