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TMI Blog2012 (9) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... of the respondent-Company when they agreed to give up their right to takeover M/s. Jenson and Nicholson Limited for a sum of Rs.75,00,000/- and whether there was any transaction, apart from the consent decree - case requires for de novo consideration in accordance with law. - Civil Appeal No. 6106 OF 2012 - - - Dated:- 28-8-2012 - S H Kapadia, CJ And Madan B Lokur, JJ. For Appellant : Mr. Rajiv Dutta, Sr.Adv. Mr. Rupesh Kumar, Adv. Mr. Gaurav Dhingra, Adv. Mr. B.V. Balaram Das, Adv. For Respondent : Mr. C.S. Aggarwal, Sr.Adv. Mr. Ambhoj Kumar Sinha, Adv. JUDGEMENT Heard learned counsel on both sides. Delay condoned. Leave granted. The question which arises for determination in this civil appeal filed by the Departm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Guidelines framed by SEBI. On receipt of intimation from the respondent, M/s. Jenson and Nicholson Limited cancelled the Right Issue of Fully Convertible Debentures as well as allotment of shares made in favour of the respondent herein on 16th November, 1996. Against the said action, the respondent filed a civil suit, bearing No.321B of 1996, in the Calcutta High Court. During the pendency of the said suit, the parties entered into a Memorandum of Settlement on 1st September, 1998, under which M/s. Jenson and Nicholson Limited agreed to pay Rs.75,00,000/- in full and final settlement of the said suit. Pursuant to the said Memorandum of Settlement, the High Court passed a decree dated 1st September, 1998, allowing the consideration of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their right to takeover M/s. Jenson and Nicholson Limited for a sum of Rs.75,00,000/-; and whether there was any transaction, apart from the consent decree. None of these questions have been raised by the Department nor has the Department called upon the respondent to produce the relevant documents. In the circumstances, we set aside the impugned order of the High Court and remit the entire case to the Assessing Officer for de novo consideration in accordance with law. We express no opinion on the merits of the case. We keep all arguments on both sides expressly open. The Assessing Officer will decide the matter uninfluenced by the observations made by the High Court/Income Tax Appellate Tribunal in the first round of litigation. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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