ORDER :

The assessment orders dated 30.12.2010 passed under Section 143(3) of the Income Tax Act, 1961, are under challenge in these writ petitions.

2. It is admitted that the petitioners-Assessees have not preferred any appeal and moved these writ petitions.

3. The learned Senior Counsel, appearing on behalf of the writ petitioners, strenuously contended that it is the case where the respondents themselves admitted certain vital facts and those admitted facts were not considered by the Assessing Authority and therefore, the order impugned is liable to be set aside.

4. The petitioners-Company are registered under the Companies Act and involved in the business to acquire, purchase, hire or obtain by exchange of any land, buildings or other structures, for the purpose of development and for carrying on developmental activities on such lands, buildings or other structures and to rent, transfer, sell or otherwise dispose of such land, buildings, structures, before or after development.

5. It is contended on behalf of petitioners that the share capital made is in accordance with law and the Ministry of Finance in letter dated 19.05.2008 approved the capital share of the petitioners-Company.