2021 (9) TMI 1531

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.... 3. Assessee is a company incorporated under the laws of Mauritius and is a tax resident of Mauritius. Assessee filed its return of income for A.Y. 2014-15 on 30.09.2014 declaring NIL income. The case was selected for scrutiny and notice u/s 143(2) of the Act was issued on 31.08.2015 and duly served on the assessee. Thereafter draft assessment order was passed on 27.09.2016 u/s 144C(1) r.w.s 143(3) of the Act which was duly served on the assessee. Thereafter, assessment was framed u/s 143(3) r.w.s 144C(3) of the Act vide order dated 14.12.2016 and the total income was determined at Rs.4,75,97,440/-. Aggrieved by the order of AO, assessee carried the matter before the CIT(A) who vide order dated 30.10.2017 in Appeal No.180/2016-17 deleted ....

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.... at the time of or before the hearing of appeal." 4. AO has noted that in the year 2007, assessee had invested into securities of an Indian company, SH Tech Park Developers Private Limited, which was engaged in development and construction of projects of India, along with another Indian company, Vatika Limited, in the ratio of 35:65. During the year under consideration assessee sold 8,957 equity shares and 17,63,71,304 CCDs issued by SH Tech Park to Vatika and had declared total gain of Rs. 6,82,09,076/- (comprising gains of Rs. 4,75,97,153/- on sale of CCDs and Rs.2,06,11,923/- on sale of equity shares). Assessee was asked to show-cause as to why income from sale of CCDs and equity shares not be taxed as interest income instead of 'capi....

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....ue in favour of the assessee. Aggrieved by the order of CIT(A), Revenue is now in appeal before us. 5. Before us, Learned DR supported the order of AO and further submitted that Revenue has filed SLP before the Hon'ble Apex Court which has been admitted on 19.11.2015 and the matter is pending before the Hon'ble Apex Court. Learned AR on the other hand supported the order of CIT(A) and further submitted that on identical facts in assessee's own case for A.Y. 2013-14, the Co-ordinate Bench of Tribunal in ITA No.414/Del/2018 order dated 08.09.2021 has dismissed the appeal of the Revenue. She placing reliance on the aforesaid order submitted that following the Hon'ble ITAT order in assessee's own case for A.Y. 2013-14, the grounds of Revenue....