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2022 (6) TMI 31 - DELHI HIGH COURTReopening of assessment - Notice under Section 148A(d) - interest income derived from Non-Convertible Debentures [‘NCDs’] floated by Genpact India Pvt. Ltd. [‘GIPL’] had not been appropriately offered to tax due to mischaracterization of income - HELD THAT:- Issue notice. Mr.Puneet Rai, learned standing counsel accepts notice on behalf of the respondents. He states that the petitioner knew the stand of the Respondents-Revenue as a draft assessment order u/s 144C of the Act has already been passed in petitioner’s case for the Assessment year 2017-18 on 30.09.2021, in which similar allegations had been made by the Revenue and the said income had been categorized as “Income from Other Sources” falling under Article 22 of the Double Taxation Avoidance Agreement between India and Luxembourg. In rejoinder, learned senior counsel for the petitioner states that in the impugned order issued under Section 148A(d) of the Act, the income of the petitioner in question seeks to be categorized as dividend income for the first time, which, in any event, would be exempt in the hand of the petitioner/assessee and the liability to pay the dividend distribution tax, if any, would be on the payer i.e. GIPL. This Court is of the view that the matter requires to be examined. Let a counter affidavit be filed by learned counsel for the respondents-Revenue within six weeks. Rejoinder affidavit, if any, be filed before the next date of hearing. List on 01st September, 2022.
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