(1.) This Writ Petition has been filed seeking directions or order quashing/setting aside the impugned notice [hereinafter 'Impugned Notice'] issued under Sec. 148A(b) of the Income Tax Act ['Act'] dtd. 22/3/2023, order passed under Sec. 148A(d) of the Act dtd. 26/4/2023 [hereinafter 'Impugned Order'] and consequential notice issued under Sec. 148 of the Act dtd. 26/4/2023 by the respondent for the Assessment Year ['AY'] 2019-20.
(2.) Petitioner is a fund managed by Tosca Fund Asset Management, LLP [a foreign Company incorporated under the laws of Cayman Islands]. Petitioner is registered with the Security and Exchange Board of India (SEBI) as a Foreign Institutional Investor ('FII')/Foreign Portfolio Investor ('FPI') in India.
(3.) During the year under consideration, petitioner received inward remittances in India for the purpose of subscribing to the securities and carried out certain transactions on the recognized Stock Exchange in India in relation to purchase of listed securities as reproduced below:- <FRM>JUDGEMENT_50_LAWS(DLH)8_2024_1.html</FRM>