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Bombay High Court
Lok Capital Growth Fund vs National Faceless Assessment Unit on 13 May, 2026
Digitally signed
by PALLAVI
MAHENDRA
PALLAVI WARGAONKAR
MAHENDRA
2026:BHC-OS:12323-DB WARGAONKAR Date:
2026.05.13
20:54:49
+0530 16-WP(L)13111-2026.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION (L) NO.13111 OF 2026
Lok Capital Growth Fund ...Petitioner
Versus
National Faceless Assessment Unit & Ors. ...Respondents.
__________
Ms Fereshte Sethna (VC) a/w Ms Mrunal Parekh i/by DMD Advocates for the
Petitioner.
MS Mamta Omle for respondent.
__________
CORAM : ADVAIT M. SETHNA &
SANDESH D. PATIL, JJ.
DATE : 13 MAY 2026
(VACATION COURT)
P.C.:
1. Heard the learned Counsel for the parties.
2. The Petitioner has assailed the impugned order dated 17.03.2026
(Exh.A) passed by the Assessment Officer, Income Tax Department
(Respondent No.1) i.e. National Faceless Assessment Unit.
3. We have heard the learned Counsel for the Petitioner and the
Respondents for some time.
4. Miss Mamta Omle, the learned Counsel for the Respondent, at the
very outset, points out that this order is appealable under the provisions of
Income Tax Act before the Commissioner, Income Tax (Appeals).
16-WP(L)13111-2026.doc
Considering that such statutory appellate remedy is available, in the fitness
of things, we deem it appropriate that the Appeal alongwith the Stay
Application is filed before the Statutory Appellate Authority i.e. CIT
Appeals. The Petitioner is at liberty to raise all contentions in the Stay
Application/Appeal including that of jurisdiction and the issue of
exemption in light of the findings recorded in the Assessment Order. Such
Appeal and Stay Application shall be filed within a period of two weeks
from today.
5. The Impugned Order records that the issue being adjudicated is not
the substantive eligibility of the Assessee for exemption u/s 10(23 FBA) of
the Income Tax Act, which is not in dispute. The Authority further
records that, Rather the issue is the failure to comply with the mandatory
statutory requirement of disclosing exempt income and claiming
exemption in the prescribed schedule of the return of income. It may also
be pertinent to note that for the previous years, in similar facts the Asessee
has been granted exemption for the Assessment Year 2022-2023, vide
Assessment Order dated 09.03.2024.
6. In light of the above, we pass the following order :
(i) The Petitioner shall file the Appeal alongwith the Stay
Application before the Statutory Appellate Authority i.e. CIT
Appeals within two weeks from today. The said Application
shall be heard on priority basis and decided as expeditiously as
16-WP(L)13111-2026.doc
possible, on its own merits and in accordance with law.
(ii) Until decision on the said Application by the Appellate
Authority, no coercive steps shall be taken against the Petitioner
in the given factual complexion pursuant to the impugned
Assessment Order dated 17.03.2026.
(iii) As the Petitioner has been bonafide pursuing this proceeding,
the issue of limitation if raised, will not come in the way of the
Petitioner while deciding the Statutory Appeal.
5. In light of the above, the Petition is worked out and is accordingly,
Disposed Of, in the above terms.
6. All concerned to act on the authenticated copy of this order.
[SANDESH D. PATIL, J] [ADVAIT M. SETHNA, J.]
