{"id":38663,"date":"2024-02-01T11:41:15","date_gmt":"2024-02-01T06:11:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/j-p-morgan-chase-holdings-llc-v-acit-2023-294-taxman-245-bom-hc\/"},"modified":"2024-08-31T16:55:36","modified_gmt":"2024-08-31T11:25:36","slug":"j-p-morgan-chase-holdings-llc-v-acit-2023-294-taxman-245-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/j-p-morgan-chase-holdings-llc-v-acit-2023-294-taxman-245-bom-hc\/","title":{"rendered":"J.P. Morgan Chase Holdings LLC v. ACIT (2023) 294 Taxman 245\/(2024) 462 ITR 108    (Bom.)(HC)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>The assessee subscribed to equity shares issued by subsidiary. The assessee was allotted certain equity shares at a premium.\u00a0 It remitted an aggregate amount from outside India to its subsidiary in two branches. Premium was ascertained based on a valuation report issued by accredited valuers.\u00a0 Assessee also submitted necessary details to Reserve Bank of India (RBI).\u00a0 RBI by an auto generated mail approved reporting form of assessee. Department issued notice\u00a0 for reopening assessment on ground that assessee had not submitted any documentary evidence to verify source of investment. On writ the Court held that since the\u00a0 assessee had necessary permission from RBI and if RBI had any doubts about assessee&#8217;s genuineness or source of funds, it would have red flagged assessee or subsidiary. Since the\u00a0 Revenue had failed to appreciate that assessee was a company organized under relevant laws of USA and was subject to tax in USA and assessee had sufficient funds to make investments in subsidiary during year in consideration. Accordingly the\u00a0 order passed under section 148A(d) was quashed and set aside.\u00a0 Matter remanded\u00a0 back to revenue to consider\u00a0 afresh. (AY. 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unexplained investments-Notice issued was without application of mind-Order and notice was quashed and set aside. The matter is  remitted back to revenue to consider matter afresh. [S. 148A(b), 148A(d), Art. 226]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38663","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-a3B","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38663"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38663\/revisions"}],"predecessor-version":[{"id":45715,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38663\/revisions\/45715"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}