9911796707
TMI Blog2023 (6) TMI 1136X X X X Extracts X X X X X X X X Extracts X X X X ..... therein. The transaction, which is referred to in the said notice, concerns the purchase of shares by the petitioner, involving a company going by the name, Lendingkart Technologies Pvt. Ltd. A perusal of the order u/s 148A(d) would show that the petitioner s explanation with regard to the source of investment was accepted. This is evident upon a plain reading of paragraph 5 of the said order. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t applicable. Accordingly, in our view, the best way forward would be to set aside the impugned order passed u/s 148A(d). - W.P.(C) 7838/2023 - - - Dated:- 31-5-2023 - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE GIRISH KATHPALIA For the Petitioner Through: Mr Ritesh Bajaj, Adv. For the Respondent Through: Mr Sunil Agarwal, Sr Standing Counsel with Mr Shivan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 961 [in short, Act ]. 5.1 In addition thereto, a challenge is also laid to the consequential notice of even date, i.e., 28.04.2023 issued under Section 148 of the Act. 5.2 Besides this, the petitioner has also challenged the notice dated 23.03.2023 issued under Section 148A(b) of the Act. 6. Counsel for the petitioner says that the impugned order and consequential notice referred to here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a plain reading of paragraph 5 of the said order. However, what went against the petitioner is that it had not submitted the following documents: a copy of the share subscription agreement, a copy of the share certificate issued by LTPL and copy of valuation report on the date of purchase of share. 9. The AO, thus, concluded, in our view erroneously, that in the absence of the valuation report, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. The AO is, however, given liberty to take next steps in the matter, albeit, as per law. 15. It is made clear that if the AO wishes to recommence the proceeding, he will conduct an examination on the basis of the allegation embedded in the notice issued under Section 148A(b) of the Act. 16. The writ petition is disposed of, in the aforesaid terms. 17. Parties will act based on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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