https://www.taxtmi.com/caselaws?id=437417 The HC dismissed the writ petition challenging notices under Sections 148A(b), 148(A)(d), and 148 of the Income-Tax Act, 1961. The petitioner, a private limited company, contested the taxability of a share buyout sum and the timing of interest income taxability. The court found the notices adequately raised issues for reassessment, and it was the petitioner's responsibility to address them. The court concluded that no capital gains or deemed dividend arose from the transaction, and the petitioner's arguments regarding notice specificity were rejected. The petition was dismissed with no costs, and related petitions were closed. en-us Wed, 26 Apr 2023 00:00:00 +0530 Thu, 14 Dec 2023 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437417 The HC dismissed the writ petition challenging notices under Sections 148A(b), 148(A)(d), and 148 of the Income-Tax Act, 1961. The petitioner, a private limited company, contested the taxability of a share buyout sum and the timing of interest income taxability. The court found the notices adequately raised issues for reassessment, and it was the petitioner's responsibility to address them. The court concluded that no capital gains or deemed dividend arose from the transaction, and the petitioner's arguments regarding notice specificity were rejected. The petition was dismissed with no costs, and related petitions were closed. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437417