2022 (6) TMI 31

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.... Petitioner: Mr.Percy Pardiwala, Sr.Advocate with Mr.Sachit Jolly, Mr.Rohit Garg, Ms.Disha Jham, Ms.Mehak Sachdeva And Mr.Sonum Dua, Advocates. Respondents: Mr.Puneet Rai, senior standing counsel for the Revenue. ORDER C.M.No.23844/2022 Exemption allowed, subject to all just exceptions. Accordingly, the application stands disposed of. W.P.(C) No.7784/2022 & C.M.No.23843/2022 ....

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....arned by the petitioner in pursuance to the NCDs floated by GIPL was fictitious in nature and was, in fact, in the nature of dividend payment by GIPL, which is subject to dividend distribution tax and therefore, income of the petitioner has escaped assessment. He submits that the impugned show cause notice and order have been passed in violation of the principles of natural justice as the responde....

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....voidance Agreement between India and Luxembourg. In rejoinder, learned senior counsel for the petitioner states that in the impugned order issued under Section 148A(d) of the Act, the income of the petitioner in question seeks to be categorized as dividend income for the first time, which, in any event, would be exempt in the hand of the petitioner/assessee and the liability to pay the dividend....