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2018 (2) TMI 677 - HC - Income TaxReopening of assessment - aggregate fair market value of the said shares to the extent it exceeds the consideration requires to be taxed as deemed income of the assessee under the head income from other sources under Section 56(1) - Held 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 provisions of the 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
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