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2024 (3) TMI 1017 - BOMBAY HIGH COURTRevisional jurisdiction u/s 264 - Application u/s 264 rejected as intimation u/s 143(1) of the Act is not an order amenable to revisional jurisdiction u/s 264 - Computation of Capital Gains - Exclusion of the portion of the sale consideration that was never received - HELD THAT:- Since we have held in Diwaker Tripathi [2023 (9) TMI 159 - BOMBAY HIGH COURT] that the intimation under Section 143(1) of the Act was amenable to revisional jurisdiction under Section 264 of the Act, we hereby quash and set aside the impugned order dated 23rd March 2016 passed by Respondent No. 1. atter is remanded to Respondent No. 1 to pass a fresh order on the application of Petitioner on the basis that the capital gains on the transfer of shares of the company should be computed after reducing proportionate amount withdrawn from the escrow account from the full value of consideration and allow the refund of additional tax paid with interest. Unless there is any other claim of Revenue against Petitioner that would permit Revenue to legally adjust the refund amount, the refund with interest shall be paid over within two weeks of passing the assessment order. The order shall be passed within six weeks from the date this order is being uploaded, after giving a personal hearing to Petitioner, notice whereof shall be communicated atleast seven working days in advance.
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