9911796707
TMI Blog2018 (2) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. This is more so because the petitioners have not been able to establish that the appellate remedy is not efficacious, nor the petitioners were able to convince the Court that their cases fall within the well-defined exceptions which have been drawn as to when jurisdiction under Article 226 of the Constitution could be exercised. For the above reasons, Writ Petitions are dismissed as not maintainable, as the petitioners have an effective alternate remedy of appeal before the Appellate Authority, leaving it open to the petitioners to avail the appellate remedy - Writ Petition Nos.1533, 1534, 1537, 1538, 1557, 1558, 1562 to 1565 of 2018 and W.M.P.Nos.1944, 1945, 1961, 1966 & 1967 of 2018 - - - Dated:- 7-2-2018 - T. S. Sivagnanam, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntain the Writ Petitions. It is submitted that there is no failure on the part of the assessee to disclose fully and truly all materials facts and hence, reassessment beyond four years from the end of the relevant assessment year is not permissible under law. To support such contention, reliance was placed on the decision in the case of CIT Vs. M/s. Cholomandalam Investment and Finance Co., Ltd., [309-ITR 110 (Mad)]. It is further submitted that the Assessing Officer before completing the original assessment has considered all the facts on record and passed the order and in the absence of any new tangible material available with the Assessing Officer for reopening of assessment, it is merely a change of opinion and impermissible under law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome has escaped assessment is being arrived at by the Assessing Officer. Further, it is submitted that no opportunity was given to the petitioner to substantiate non-applicability of Section 56(1) of the Act. In this regard, it is submitted that the provisions of the tax receipt of shares by a firm for a consideration less than fair market value were introduced only post-assessment year 2010-11, i.e., w.e.f., 01.06.2010, by inserting Section 56(2) (VIIA) and hence, the said provision is no way applicable to the assessee's case and this fact was noted and rectified by the Assessing Officer in his letter dated 20.12.2017. Further, without prejudice to the said contention, it is submitted that the instant amount is money brought in for all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorised representative was heard by the Assessing Officer. 7. Before the Assessing Officer in the course of the assessment proceedings, it was contended that the assessee had been allotted shares at face value of ₹ 10/- per share for and on behalf of the firm, shares were allotted in the names of its partners (other Writ Petitioners) and that during the same period, these shares were allotted to M/s.Swiss Reinsurance Company Zurich at an aggregate fair market value of ₹ 901.78 and ₹ 4713.71 per share on two different occasions. This according to the Assessing Officer makes it clear that the assessee was allotted shares at less than fair market value. Thus, he concluded that the aggregate fair market value of the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have pitched their case against the petitioner firm. The petitioner firm is now before this Court raising factual and legal issues challenging the proceedings commencing from the initiation of reopening. The partners have taken a stand before their Assessing Officer that the assessment in the names of the company, has been rightly done. 8. Thus, I am of the considered view that the issue to be decided in the instant case are not pure questions of law, but requires in-depth consideration of the factual position and then apply the legal principles. The assessment having been completed in the names of the petitioner firm and protectively against the partners, they have to necessarily avail the appeal remedy available to them under the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
