India Finance & Construction Co. Pvt. Ltd. & Anr v. B.n. Panda, Dy. Commissioner Of Income Tax & Anr

Mgn IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 2118 of 1991 India Finance & Construction Co. Pvt. Ltd. & Anr............Petitioners Vs. B.N. Panda, Dy. Commissioner of Income Tax & Anr...Respondents Mr. Kirit Modi i/b. Haridas & Co., for the petitioners.Mr. P.S. Sahadevan, for the Respondents. P.C. Considering the order passed by this Court in Associated Capsules Ltd. & Anr. vs. Prabhu Dayal & Ors., in Writ Petition No.2334 of 1991 dated 12[th] August, 1991 this petition can also be disposed off accordingly.2.The assessment years involved are 1984-85 and 1985-86. The Respondent No.1 is directed to make assessment for the aforesaid assessment years applying the provisions of Rule 1BB and if at all valuation is required then to value the flats in accordance with Rule 1BB as has been held in Bella Cajetan Travaso vs. W.T.O. (1987) 166 ITR 49. Rule disposed of accordingly. No order as to costs. (D.G. KARNIK, J.) (F.I. REBELLO,J.)