Investment in shares of Agile by Blackstone – HC set-aside Section 148A(d) order

Blackstone Capital Partners (Singapore) VI FDI Three PTE. Ltd. Vs ACIT (Delhi High Court)

According to HC, the central issue, to which the Assessing Officer (AO) should have applied his mind is, as to whether the investment in shares of Agile by the petitioner was a capital account transaction, given the fact that there is no allegation of round-tripping.

13. We may also note, that there is no reference to Section 115A of the Act, for whatever its worth, either in the show-cause notice dated 31.05.2022 or in the impu

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