2023 (9) TMI 618

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.... days before the next date of hearing. W.P.(C) 11141/2023 & CM No.43330/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Puneet Rai, learned senior standing counsel, accepts notice on behalf of the respondents/revenue. 3. Given the direction(s) that we propose to issue, Mr Rai says that he does not wish to file a counter-affidavit, and he will argue the matter based on the record presently available with the court. 3.1 Therefore, with the consent of learned counsel for the parties, the matter is taken up for hearing and final disposal, at this stage itself. 4. This writ petition concerns Assessment Year (AY) 2019-20. 5. Via this writ petition, the petitioner has assailed the followi....

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....ed, as the said amount was to be remitted to F1 Info only upon fulfillment of a certain contingency connected with targeted net working capital and cash position. 10. According to the petitioner, since the conditions stipulated in the SPA were not fulfilled, this amount was remitted from the petitioner's own account maintained with IDFC to its account maintained with Citi Bank, Singapore. 10.1 In other words, the stand taken was, the petitioner was, both, the remitter and the beneficiary of Rs. 4,51,06,614/-. 11. The AO, however, was not persuaded by the explanation given by the petitioner. The AO proceeded to pass the impugned order dated 01.05.2023. The rationale provided by the AO in holding that income amounting to Rs. 9,10,36,673/-,....