2014 (11) TMI 1194

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.... Counsel, Mr Sunil Moti Lala, Mr Gautam Gaikwad, S.Thacker i/b Mr Paras Sumtichandra Savla For the Respondent : Mr Tejveer Singh ORDER P.C. : At the request of the learned Counsel, the Petition is taken up for final disposal at the stage of admission. 2 At the very outset, Mr Pardiwalla, learned Senior Counsel for the Petitioner, on instructions states that Petitioner undertakes tha....

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.... between the ALP at which the equity shares had to be issued and the prices at which the equity shares have actually been issued, gives rise to the income chargeable to tax under the Act. Mr Pardiwala states that this Court in Vodafone India Services Pvt. Ltd. Vs. Union of India, 368 ITR 1 (Vodafone-IV), concludes the issue in favour of the Petitioner. Mr Pardiwala further refers to the decision o....

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....s 4,5,15,22,28,45 and 56 of the Act. This is as it arises out of Capital Accounts transaction and, therefore, is not income; (IV) Chapter X of the Act does not contain any charging provision but is a machinery provision to arrive at ALP of a transaction between Associated Enterprises; and (V)Chapter X of the Act does not change the character of the receipts but only permits re-qu....