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(\u201cAgile\u201d)\u00a0 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\u00a0115A\u00a0of the\u00a0Income-tax Act, 1961\u00a0either 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\u00a0 the order passed under section\u00a0148A(d)\u00a0of the Act and the consequent notice of the same date issued under section\u00a0148\u00a0were not valid.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Non-resident-Non-application of mind-Notice and order is quashed.[S. 115JA,147, 148, 148A(b), 148A(d),197, 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-39998","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ap8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39998","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=39998"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39998\/revisions"}],"predecessor-version":[{"id":39999,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39998\/revisions\/39999"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}