2023 (1) TMI 1175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... VITASTA GANJU For the Petitioner: Mr Porus Kaka, Sr. Adv. with Mr Divesh Chawla, Mr Vishal Kalra and Mr S.S. Tomar, Advs. For the Respondent : Mr Sunil Agarwal, Sr. Standing Counsel and Mr Tushar Gupta, Jr. Standing Counsel with Mr Utkarsh Tiwari, Adv. [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J. (ORAL): 1. Issue notice. 1.1 Mr Sunil Agarwal accepts notice on behalf....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...."Agile"] and that according to the respondent/revenue has led to the escapement of income chargeable to tax. 6. Mr Kaka says, that the shares were purchased from various sellers including, one, Mr Jose Kattadyil Joseph. 6.1 Insofar as this limb of the transaction is concerned, the facts, as placed on record, indicate that Rs.40,16,40,093/- was paid to the aforementioned seller, albeit, after ded....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Mr Kaka has relied upon the judgment dated 07.08.2019, rendered by a coordinate bench of this Court in W.P.(C)No.12643/2018, titled Nestle SA v. Assistant Commissioner of Income Tax (International Taxation), Circle-2(2)(2), New Delhi. 10. Mr Agarwal, on the other hand, says that this is a case where the petitioner chose not to file a return, and therefore in terms of Explanation 2 to Section 147 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....learned counsel for the parties and perused the record, according to us, the central issue,to which the Assessing Officer (AO) should have applied his mind is, as to whether the investment in shares of Agile by the petitioner was a capital account transaction, given the fact that there is no allegation of round-tripping. 13. We may also note, that there is no reference to Section 115A of the Act,....