2023 (3) TMI 154

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....ction 148 of the Income Tax Act, 1961 ('the I.T. Act' hereinafter) as well as the order passed under Section 148A(d) of the Act for the Assessment Year 2015-16 on the very date. 2.1 The petitioner is a resident of United Arab Emirates and is a NRI. In Assessment Year 2011-12, he made an investment in equity shares of an Indian company viz., DKP Engineers and Constructions Private Limited through the automatic route of Foreign Direct Investment ('FDI' hereinafter). The petitioner purchased 27,35,000 equity shares for the consideration of Rs.19,14,50,000/- on 08.12.2010. 2.2 It is also averred that all necessary permission and the compliance has been made and due to commercial reasons, the shares have been sold to six different persons ....

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....nder. "7. The petitioner, therefore, prays that this Hon'ble Court be pleased to issue a writ of mandamus or a writ in the nature of mandamus or a writ of certiorari or a writ in the nature of certiorari or any other appropriate writ, direction or order and be pleased to : (a) quash and set aside the impugned notice as well as the impugned order at ANNEXURE "A (Colly.)" to this petition; (b) pending the admission, hearing and final disposal of this petition, stay the implementation and operation of the impugned notice as well as impugned order at ANNEXURE "A (Colly.)" to this petition and stay further proceedings for Assessment year 2015-16;" 5. Notice for final disposal has been issued by this Court on 05.09.2....

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....f Section 148A of the I.T. Act to conclude that there is escapement of income chargeable to tax to the tune of Rs.13,36,02,000/-. 7.4 Since the order has been disposed off in complete disregard to the details which have been furnished, in our opinion, it is in breach of principles of natural justice and the matter shall need to be sent back to the officer concerned from the stage where he has committed serious error in not complying with the statutory requirements. The least that could have been done is to follow the principles of natural justice and also adhere to the provisions prescribed under the statute. We appreciate the fairness on the part of the learned counsel for the other side. 7.5 The order under Section 148A(d) as well a....