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RAJIV SHAKDHER, GIRISH KATHPALIA
Cairnhill Cgpe Limited – Appellant
Versus
Commissioner of Income Tax, (International Taxation)-2, New Delhi – Respondent
JUDGMENT
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J. (Oral)
1. These writ petitions concern Assessment Year (AY) 2016-17.
2. Via these writ petitions, 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 shares purchased from Monet are subject matter of the Share Purchase Agreement dated 31.03.2015.
3.3. We are also told that an assessment order dated 12.12.2018 was passed qua Monet under Section 143(2) of the Act.
3.4. It appears that Monet had resorted to the provisions of the Article 13(4)
The removal of the foundation leading to the fall of the superstructure is a key legal principle in determining the validity of orders under the Income Tax Act.
The central legal point established in the judgment is the importance of correct assessment by the Assessing Officer and the disclosure of transactions in the Return of Income (ROI) for the assessmen....
Foreign company's LTCG on listed shares with STT exempt u/s 10(38) as s.115JB inapplicable per Explanation 4 if no PE; CIT revision u/s 263 invalid without twin conditions of error and prejudice afte....
The Assessing Officer must independently consider the petitioner's response and furnish relevant material before passing an assessment order.
The possession of a tax residency certificate does not automatically grant benefits under a double taxation avoidance agreement, specifically regarding reassessment jurisdiction for non-filing of ret....
The court emphasized the necessity of adhering to natural justice in tax reassessment processes, ensuring that parties have adequate time and opportunity to respond to allegations.
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