AJMERA HOUSING CORPORATION Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Leave granted.

(2.) These appeals, by special leave, arise out of the judgment and order Dated 8th July, 2009 delivered by the High Court of Judicature at Bombay in a batch of 22 writ petitions. By the impugned common judgment, the High Court has set aside order Dated 29th January, 1999 passed by the Income Tax Settlement Commission (for short "the Settlement Commission") under Section 245D(4) of the Income Tax Act, 1961 (for short "the Act"), and has remanded all the proceedings back to the Settlement Commission for a fresh consideration in the light of the observations made in the impugned judgment.

(3.) Since the case has had a chequered history and, in fact, the present appeal is the second round of litigation between the parties before this Court, in order to appreciate the questions raised, it would be necessary to take notice of the foundational facts in greater detail. The Ajmera Group of firms, consisting of mainly 4 firms and their partners are engaged in the business of land development and building/construction. For the sake of convenience, facts relating to the main firm viz. M/s. Ajmera Housing Corporation, Bombay (hereinafter referred to as "the assessee"), in which other firms and partners have stakes, are being noticed. These are: