2023 (8) TMI 160

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....titions, the petitioners seek to assail the notice dated 26.03.2021 (which apparently has not been served, as yet) and the order dated 27.03.2021 issued under Section 163 of the Income Tax Act, 1961 [in short, "the Act"]. 3. Broadly, these petitions have been filed in the backdrop of the following facts and circumstances. 3.1 The petitioners appear to have purchased shares of an entity going by the name Mankind Pharmaceuticals Limited [in short, "Mankind"]. The subject share, it appears, were purchased of shares was made from another entity, namely Monet Limited [in short, "Monet"], which is incorporated in Mauritius. 3.2 The number of shares purchased by the petitioners, as per the record, was 21,57,534. We are told that the share....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Limited for the F.Y. 2015-16 is erroneous and pre-judicial [sic] to the interests of revenue. 10. Further reliance is placed on Malabar Industrial Co. Ltd. v. Commissioner of Income-tax [CIVIL APPEAL NO. 3646 OF 1993 FEBRUARY 10, 2000] where Hon'ble Supreme Court upheld the proceeding u/s 263 of the Act and held that "Whether if due to an erroneous order of ITO, revenue is losing tax lawfully payable by a person, it will certainly be prejudicial to interests of revenue - Held, yes" AND "Whether, where Assessing Officer had accepted entry in statement of account filed by assessee, in absence of any supporting material without making any enquiry, exercise of jurisdiction by Commissioner under section 263( 1) was justified - Held....