Section 148A Notices Quashed in Share Transfer Case; AO Directed to Reassess After Verification

Ferra Engineering PTY Limited Vs ACIT (Delhi High Court) Delhi High Court in Ferra Engineering PTY Limited vs. ACIT (Writ Petition, 2025) addressed the petitioner’s challenge to notices issued under Sections 148, 148A(1), and 148A(3) of the Income Tax Act, 1961. The petitioner, a non-resident company incorporated in Australia, had transferred its equity shares in Ferra Aero Space Pvt. Ltd. to its UK subsidiary during the Assessment Year (AY) 2020-21 for ₹7,43,27,348. Apart from this transaction, the petitioner conducted no other activities in India during the relevant financial year. The p...