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2017 (9) TMI 1467 - HC - Income TaxConstitutionality of Sections 115 WA (2) and 115 WB (1) and 115 WB (2) of the Income Tax Act, 1961 as introduced by the Finance Act, 2005 - whether is ultra vires of Article 14, 19(1)(g) and 265 of the Constitution of India and as beyond the legislative competence of Parliament, in so far as the petitioner is concerned? - Petitioner as well as Revenue submitted that the declaration sought for in this Writ Petition has been now seized of by the Hon'ble Supreme Court and similar Writ Petition has been transferred to the Hon'ble Supreme Court from the other High Courts as well. Held that:- Considering the fact that the matter is now seized of by the Hon'ble Supreme Court, this Writ Petition can be disposed of with appropriate directions, leaving it open to the parties i.e. the petitioner as well as the Revenue to abide by the decision of the Hon'ble Supreme Court.The Revenue need not have any apprehension in this regard, as the Court proposes to safeguard the interest of the Revenue by passing the following orders: "The petitioner is directed to abide by the decision of the Hon'ble Supreme Court where the challenge to the impugned provisions are pending. It is made clear that in the event the Hon'ble Supreme Court upholds the impugned legislation and the Department initiates action or proceeds with the action already initiated, the petitioner/assessee is not entitled to plead limitation and the period during which this Writ Petition is pending as well as the period till the matter is decided by the Hon'ble Supreme Court, shall stand excluded for computation of limitation”.
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