https://www.taxtmi.com/caselaws?id=313969 Bombay HC quashed reassessment order u/s 148A(d) against US company that purchased equity shares in Indian subsidiary. Court held tax officer failed to apply mind, ignored RBI permission, and didn't consider petitioner's substantial financial capacity evidenced in public filings. Officer proceeded without calling petitioner to explain fund sources despite petitioner being US-organized company subject to US taxation with billions in income. Matter remitted to different officer; consequential Section 148 notice also quashed. en-us Tue, 11 Jul 2023 00:00:00 +0530 Fri, 10 May 2024 06:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313969 Bombay HC quashed reassessment order u/s 148A(d) against US company that purchased equity shares in Indian subsidiary. Court held tax officer failed to apply mind, ignored RBI permission, and didn't consider petitioner's substantial financial capacity evidenced in public filings. Officer proceeded without calling petitioner to explain fund sources despite petitioner being US-organized company subject to US taxation with billions in income. Matter remitted to different officer; consequential Section 148 notice also quashed. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313969