2023 (6) TMI 1136

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.... Sr Standing Counsel with Mr Shivansh Pandya and Mr Utkarsh Tiwari, Advs. RAJIV SHAKDHER, J. (ORAL) CM Appl.30218/2023 1. Allowed, subject to just exceptions. W.P.(C) 7838/2023 & CM Appl.30217/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Sunil Agarwal, learned senior standing counsel, accepts notice on behalf of the respondent/revenu....

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....ove are flawed, as the Assessing Officer (AO) has moved away from the allegation which was made against the petitioner in the notice dated 23.03.2023, issued Section 148A(b) of the Act. 7. A perusal of the said notice shows that it is alleged that income chargeable to tax had escaped assessment, on account of transaction referred to therein. The transaction, which is referred to in the said notic....

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....t be determined whether shares were purchased at fair market value, as per the provisions of Section 50CA of the Act, or not. 10. Undoubtedly, this aspect of the matter was never put to the petitioner in the notice issued under Section 148A(b) of the Act. 11. Furthermore, since even according to the respondent/revenue, this was a case where an investment was made and not a transaction involving ....