https://www.taxtmi.com/caselaws?id=257564 The court ruled in favor of the petitioner, holding that the notice under Section 148 of the Income Tax Act, 1961 to re-open assessment for the Assessment Year 2009-10 based on share transactions with a non-resident holding company was invalid. The court emphasized that issuing shares at premium to a holding company does not result in taxable income, as previously established in the Vodafone case. Despite the Revenue's arguments, including the failure to file Form 3 CEB and the timing of the re-opening notice, the court found no merit and quashed the notice. en-us Thu, 29 Jan 2015 00:00:00 +0530 Mon, 16 Mar 2015 08:17:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257564 The court ruled in favor of the petitioner, holding that the notice under Section 148 of the Income Tax Act, 1961 to re-open assessment for the Assessment Year 2009-10 based on share transactions with a non-resident holding company was invalid. The court emphasized that issuing shares at premium to a holding company does not result in taxable income, as previously established in the Vodafone case. Despite the Revenue's arguments, including the failure to file Form 3 CEB and the timing of the re-opening notice, the court found no merit and quashed the notice. Case-Laws Income Tax Thu, 29 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257564