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2022 (4) TMI 461 - HC - Income TaxReopening of assessment u/s 147 - proof of suppression of facts - HELD THAT:- There has been suppression of facts by the petitioner inasmuch as it was not disclosed during the original assessment proceeding as well as in the replies to the notice under Section 142(1) and in the writ petition that Mr. Gaurav Dalmia was a common director in Banyan Real Estate Fund, Mauritius, Landmark Hitech Development Pvt. Ltd. and Landmark Realtech Pvt. Ltd. It is the case of the Revenue that the petitioner’s company is owned and controlled by a US Company and consequently the sale of shares by the petitioner to Landmark Realtech Pvt. Ltd. is not entitled to the benefit of the Indo-Mauritius DTAA. This Court is of the view that the matter requires detailed examination. Let a counter affidavit be filed within four weeks. The respondents are permitted to take the plea of maintainability of the writ petition in its counter affidavit. Rejoinder affidavit, if any, be filed before the next date of hearing.
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