Bombay High Court
Zain Constructions vs Ito-18(3)(5) And 3 Ors on 7 February, 2019
Author: B.P.Colabawalla
Bench: Akil Kureshi, B.P.Colabawalla
Priya Soparkar 1 902 wp 345-19-o
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.345 OF 2019
M/s Zain Constructions ... Petitioner
V/s.
ITO-18(3)(5) and ors. ... Respondents
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Mr.Devendra H. Jain with Mr.Dharan Gandhi for the Petitioner.
Mr.A.R.Malhotra for the Respondents.
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CORAM : AKIL KURESHI AND
B.P.COLABAWALLA, JJ.
DATE : FEBRUARY 07, 2019.
P.C.:-
1. Petitioner has challenged a notice of reopening of assessment which is issued within the period of four years from the end of relevant assessment year. Counsel for the petitioner submitted that the Assessing Officer passed the order of assessment in a period less than four weeks after disposing of the objections of the petitioner. Further, the counsel submitted that the reasons stated by the Assessing Officer for reopening assessment lack validity. Counsel pointed out that the Assessing ::: Uploaded on - 08/02/2019 ::: Downloaded on - 09/02/2019 00:36:38 ::: Priya Soparkar 2 902 wp 345-19-o Officer wishes to tax the assessee on the basis of Section 43CA of the Act, by substituting the transactional value of the sale of flats by stamp valuation provided by the Stamp Duty Authorities for such purpose. He submitted that Section 43CA was inserted in the Act after the sale of the flats in question and therefore, would have no applicability in the present case.
2. Learned counsel Shri Malhotra submitted that the Assessing Officer passed the order of assessment without giving the period of four weeks because the assessment was getting time-barred on 31st December, 2018. He has prayed for time for filing reply.
3. Stand over to 7th March, 2019.
4. By way of ad-interim relief, the respondents are prevented from recovering the tax pursuant to the order of assessment.
(B.P.COLABAWALLA,J.) (AKIL KURESHI,J.) ....
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