PAWAN GIRISHBHAI BATAVIA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has preferred this petition seeking to challenge the notice issued under Sec. 148 of the Income Tax Act, 1961 ('the I.T. Act ' hereinafter) as well as the order passed under Sec. 148A(d) of the Act for the Assessment Year 2015-16 on the very date.

(2.) The petitioner is a resident of United Arab Emirates and is a NRI. In Assessment Year 2011-12, he made an investment in equity shares of an Indian company viz., DKP Engineers and Constructions Private Limited through the automatic route of Foreign Direct Investment ('FDI' hereinafter). The petitioner purchased 27,35,000 equity shares for the consideration of Rs.19,14,50,000.00 on 8/12/2010.

(3.) What is aggrieved to the petitioner is that the order passed by the respondent on 13/4/2022 under Clause (d) of Sec. 148A of the I.T. Act, concluding that there is escapement of income chargeable to tax to the tune of Rs.13,36,02,000.00 for the year under consideration and has issued notice under Sec. 148 of the I.T. Act.