5.It is true that the remedy of appeal before the CIT(A) as against the order of assessment dated 29.12.2017 is an effective and efficacious alternate remedy. Before the First Appellate Authority the assessee would be entitled to agitate all issues on facts as well as on law which would include the point regarding the assumption of jurisdiction by the respondent qua the period of limitation fixed under the statute. Therefore, we are of the view that it would be better for the assessee to avail the alternate remedy considering the complicated factual situation which has arisen in this case. We say so because there was a parallel round of litigation concerning the property which is the subject matter of the assessment, namely, with regard to the computation of capital gains. Therefore, the said factual issue qua the property is the substantial matter which requires to be considered, more particularly, when the assessee's stand is that in terms of the award of the Arbitral Tribunal dated 14.09.2020, the assessee is entitled to be paid a sum of Rs.23,78,34,000/- and she is entitled to re-claim the property and/or is entitled to receive the balance sale consideration and in such an event, the capital gains would not arise. More importantly the award of the Arbitral Tribunal dated 14.09.2020 has not attained finality as not only the assessee has filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, but the adversarial in the arbitration proceedings, namely, M/s.Land Mark Housing Projects Chennai Private Limited has also filed a petition to set aside the award. That apart, the NCLT has also passed orders under the provisions of the Insolvency and Bankruptcy Code and the purchaser Company has gone into Corporate Insolvency Resolution process. Therefore, we are of the clear view that the result of these proceedings would definitely have an impact on the assessment under the provisions of the Act which is required to be considered. However, such an exercise cannot be done by us in a petition under Article 226 of the Constitution of India. At this juncture, it would be worthwhile to note the results of the Arbitral Award dated 14.09.2020 which reads as follows:
