2022 (3) TMI 1141

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....f recovery proceedings arising out of the order dated 12th November, 2021 passed under Section 201(1)/201(1A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') and notice of demand dated 12th November, 2021 issued under Section 156 of the Act. 2. Learned counsel for the petitioner states that in the Financial Year 2015-16, the Petitioner purchased 12,70,276 unlisted equity shares of UEM India Private Limited (Now known as Toshiba Water Solutions Private Limited) from non-residents (tax residents of USA) and deducted TDS @ 10% as well as applicable surcharge and cess while remitting sale consideration of Rs. 31,51,80,881/-. He states that proceedings were initiated under Section 201(1)/201(1A) of the Act against the Petitio....

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....1 to decide the review application as per prescribed procedure. However, Respondent no.1 passed orders dated 10th March, 2022 and 14th March, 2022 directing the Petitioner to deposit twenty percent of the demand, without providing any reasons for the same. 5. Issue notice. Mr.Ruchir Bhatia, Advocate accepts notice on behalf of the Respondents. He states that the transaction, in question, is a colourable device to avoid payment of taxes. He further states that as far as direction to deposit twenty percent of the demand is concerned, the same is in accordance with the Office Memorandums dated 29th February, 2016 and 31st July, 2017. 6. Having heard learned counsel for the parties and having perused the two Office Memorandums, in question, t....