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2025 (2) TMI 611

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..... y, Revenue states that there is no information available with the Department as to whether any further appeal of the judgement of Kapri International [2022 (8) TMI 805 - DELHI HIGH COURT] has been laid before the Supreme Court. In that view of the matter, the ratio laid down in Kapri International is still good law and binds this Court too. In any case, having examined the facts of the present matter, we are of the considered opinion that the ratio laid down in Kapri International (supra) too would apply. In view of the ratio laid down in Kapri International Pvt. Ltd [supra] and in Tvl. Sanmac Mootor Finance Ltd. [2024 (11) TMI 86 - MADRAS HIGH COURT] the present petition is allowed, with the directions provided therein being applicable mu .....

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..... ) for a total consideration of INR 38,56,64,268/- to Embassy Property Developments Pvt. Ltd. (hereinafter 'EPDPL') vide Share Purchase Agreement dated 26.05.2013, in A.Y. 2014-15). The Petitioner, under the bona-fide belief that the transfer of shares will be taxable in the A.Y. 2014-15, had deposited Advance Tax amounting to INR 3,35,00,000/- out of which INR 6,37,195/- was deposited against the tax liability for A.Y. 2014-15, in that financial year on the estimated Capital Gains arising out of the sale of these shares. However, since the transfer of shares actually got materialized only on 25.04.2014, the Capital Gains on such transfer became liable to tax only in A.Y. 2015-16. On realizing the same, the Petitioner made several re .....

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..... e was unable to file its return for A.Y. 2015-16. That on receiving the refund of INR 3,67,98,380, the Petitioner deposited the balance amount of INR 2,55,20,610 (including a part of 234C interest) towards the total liability of INR 7,78,60,610/- with the Department on 16.01.2017. 6. That in these circumstances, the petitioner was subjected to interest amounting to INR 1,13,45,803/- under Sections 234A, 234B and 234C for the A.Y. 2015-16 for delayed filing of return and for delayed payment of Advance Tax. 7. That thereafter, the Petitioner filed an application before the learned CCIT-9, Delhi, under Section 119(2)(a) for waiver of the above interest amounts. However, without considering the merits and without appreciating the peculiar fac .....

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..... matter on 17.12.2024 and issued notice. On 20.12.2024 learned counsel for the Revenue was afforded an opportunity to examine the present petition, as to whether the issue was covered by the aforesaid judgements and complete his instructions. The learned counsel was also directed to seek instructions regarding whether judgements cited by the petitioner have been challenged by the Department before Supreme Court or not. 13. Today, learned counsel for the Revenue states that there is no information available with the Department as to whether any further appeal of the judgement of learned Coordinate Bench in Kapri International (supra) has been laid before the Supreme Court. In that view of the matter, the ratio laid down in Kapri Internationa .....

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