The Chamber of Tax Consultants & Another Vs Union of India & Another (Bombay High Court)
Hon. Bombay High Court admits Petition filed under Article 226 of the Constitution of India, Petitioners have challenged the 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 which deals with deemed income taxation on share transfer below FMV.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
1. Heard Mr. Arvind Datar, learned Sr. Counsel for the Petitioners.
2. In this Petition filed under Article 226 of the Constitution of India, Petitioners have challenged the 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.
3. Issue notice, returnable within four weeks.
4. 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.
5. 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.
