Case Law Details
Falcon Retreat Private Limited Vs ACIT (Bombay High Court)
Bombay High Court dismissed the writ petition as an alternate remedy of appeal is available to the petitioner which needs to be filed before the Commissioner of Income Tax (Appeals) as per the provisions of Section 246 of the Income Tax Act.
Facts-
The challenge in this petition filed under Article 226 of the Constitution, is to the four assessment orders dated 23 March, 2022, passed by the Respondent no.1 being assessment orders u/s. 147 read with Sections 144 and 144-B of the Income Tax Act, 1961. Consequent to the said assessment orders, notices are issued to the petitioners dated 11 August, 2022, so as to initiate penalty/recovery proceedings. Such notices are issued u/s. 274 read with Section 271 F of the IT Act. These notices are also challenged in the present proceedings.
Notably, the petitioner is a private limited Company, that was directed to be wound up by an order passed by this Court dated 26 June 2009, in the proceedings of Company Petition No.19 of 2006, instituted by one “Shekhar Electricals”, one of the creditors of the petitioner. The case of the petitioner is that there were borrowings by the petitioner from the Economic Development Corporation and the State Bank of India.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
