Allowing the petition the Court held that the Assessing Officer should have applied his mind was as to whether the investment in shares of Ageile Electro sub-Assesmly Pvt Ltd(“Agile”)  by the assessee was a capital account transaction, given the fact that there was no allegation of round-tripping. There was no reference to section 115A of the Income-tax Act, 1961 either in the show-cause notice dated May 31, 2022 or in the order passed by the Assessing Officer. Whether the provisions were, at all, applicable to a non-resident company was a moot point which the Assessing Officer would have to decide. Accordingly  the order passed under section 148A(d) of the Act and the consequent notice of the same date issued under section 148 were not valid.