Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2020 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 476 - SC - Income TaxDeemed dividend - Buy back of shares / reduction in share capital - amount remitted to non-residents - Determination of liability of the appellant u/s 115-O - as submitted that the appellant was never put to notice about the proposed determination - HELD THAT:- On the issue whether communication dated 22.03.2018 was in the nature of determination of the liability, both the learned counsel were heard at considerable length, at the end of which it was agreed by Mr. Zoheb Hossain, learned Advocate for the Department, that the communication dated 22.03.2018 could be treated as a show cause notice and the Department be permitted to conclude the issue within a reasonable time, provided the interim order passed by the Single Judge of the High Court on 03.04.2018 was continued. The course suggested by the learned counsel for the Department was acceptable to the learned Senior Counsel for the appellant. Therefore, suggested that the appellant may file an affidavit of undertaking to withdraw the proceedings initiated by it before the AAR and the Department may also file an appropriate affidavit stating that it was willing to treat the communication dated 22.03.2018 as a show cause notice. An appropriate affidavit of undertaking to withdraw the proceedings initiated before the AAR has since then been filed by the appellant. The communication dated 22.03.2018 shall be treated as a show cause notice calling upon the appellant to respond with regard to the aspects adverted to in said communication. The appellant shall be entitled to put in its reply and place such material, on which it seeks to place reliance, within 10 days from today.
|