9911796707
TMI Blog2024 (9) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... nt challenge were succinctly noticed in our order of 14 July 2023 and which is reproduced here in below:- "CM APPL. 35445/2023 1. Allowed, subject to the petitioner filing legible copies of the annexures, at least three days before the next date of hearing. W.P.(C) 9308/2023 and CM APPL. 35444/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. This writ petition concerns Assessment Year (AY) 2019-20. 3. The principal allegation against the petitioner is, that the source of funds with regard to the investment made in an entity i.e., Telenor India) Communications Pvt. Ltd. [in short, "Telenor India"] is not explained. 4. It is not in dispute, that the petitioner-company, which is a resident of Singapore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned senior standing counsel accepts notice on behalf of the respondent/revenue. 9. Counter-affidavit will be filed within the next six weeks. 9.1 Rejoinder thereto, if any, will be filed before the next date of hearing. 10. List the matter on 04.12.2023. 11. In the meanwhile, there shall be a stay on the operation of the impugned notices and order till further directions of the Court. 12. Parties will act based on the digitally signed copy of the order." 3. Since and undisputedly the solitary ground on which Section 148 of the Income Tax Act, 1961 ["Act"] is sought to be invoked pertains to the investment of INR 1466 crores in the equity shares of Telenor India, an Indian subsidiary of the writ petitioner, it would undoubted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he judgment must be adhered to by the field officers in all cases where this issue is involved. This may also be brought to the notice of the ITAT, DRPs and CIT(Appeals)." 25. Therefore, the fundamental premise of the Respondent that the above investment by the Petitioner in the shares of its subsidiary amounted to 'income' which had escaped assessment was flawed. The question of such a transaction forming a live link for reasons to believe that income had escaped assessment is entirely without basis and is rejected as such." 5. In view of the aforesaid, we find ourselves unable to sustain the impugned notices dated 27 March 2023 and 01 May 2023 issued under Sections 148A(b) and 148 of the Act respectively and the impugned order dated 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
