M/s Wand Equity Portfolio II LP V. The Deputy Commissioner of Income Tax - 2

WP/45285/2018

AI Insights

The case involved a Writ Petition filed by Wand Equity Portfolio II LP against various respondents including the Deputy Commissioner of Income Tax - 2, International Taxation, the Commissioner of Income Tax (International Taxation and Transfer Pricing), and the Union of India through the Secretary, Ministry of Finance. The petition was filed under Article 226 of the Constitution of India, challenging a notice under section 148 for the Assessment Year 2012-13, which was deemed to be illegal and unenforceable by the petitioner. The primary legal contention revolved around the validity and legality of the reassessment notice issued by the tax authorities. However, after receiving clarifications and communications from the tax authorities, the petitioner decided to withdraw the petition.

• Counselvise Citation: [2020] 140 COUNSELVISE.COM (IT) 764508 (HC-TELANGANA)
• Appeal Type: Others
• Pronouncement Date: 09-09-2020
• Assessment Year: misc
• Laws Referred To: Article 226, Article 227, Section 151 CPC, Section 148
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: K MAMATA
• Assessee Lawyers: NISHANTH THAKUR
• Keywords: Income Tax; International Taxation; Reassessment proceedings; Writ of Certiorari; Legal and Enforceable
• Section: 148; 151

Judgement Text

"HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD (Special Original Jurisdiction) WEDNESDAY ,THE NINTH DAY OF SEPTEIMBER TWO THOUSAND AND IWENTY PRESENT THE HON'BLE SRI JUSTICE M.S. RAMACHANDRA RAO AND THE HON'BLE SRI JUSTICE T. AMARNATH GOUD WRIT PETITION NO: 45285 OF 2018 lvl/s Wand Equity Portfolio ll LP, 260 Crandon Bloulevard, 32 # 75, Key Biscayne, Florida - 33149, United States of America Through its Authorized Signatory, l /r. Srinivas Reddy, Kumbham. Between: AND 1. 2. 3. ...PETITIONER The Deputy Commissioner of lncome Tax - 2, lnternational Taxation Aayakar Bhavan, Basheerbagh Hyderabad - 500 004. The Commissioner of lncome Tax, (lnternational Taxation and Transfer Pricing) Aayakar Bhavan, Basheerbagh Hyderabad - 500 004. The Union of lndia, through the Secretary, Ministry of Finance, Government of lndla, North Block, New Delhi '1 10 101. ...RES'ONDENTS Petition under Article 226 o'f lhe Constitution of lndia praying that in the circumstances stated in the affidavit filed therewith, the High Court may be pleased to issue a Writ of Certiorari, or a writ in the nature of Certiorari, or any other appropriate writ, order or direction under Article 2261227 of the Constitution of lndia, calling for the records of the Petitioners case so far as they relate to the issue of the lmpugned Notice under section 148 for AY 2012-13 bearing reference no. F.No.DClT(lT)-2l14Bl 2018-19 dated 6th July 2018 and after going through and examining the question of the validity, propriety and legality thereof, be pleased to declare the same to be illegal and unenforceable, and, quash the same and directing the Respondents to eschew from taking into consideration the Ruling to the extent it observes / finds that the gains from the Transaction arise in the hands of the Petitioner. lA NO: 2 OF 2018 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased to respondents be restained from taking any steps pursuant to the lmpugned Notice under section 148 fot AY 2012-13 bearing reference no. F.No. DCtT(lT)-2114812018-19 dated 6th July 2018. il2il lA NO: 1 OF 2020 Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased to receive the additional material papers (1) Letter filed by SeedWorks Mauritius with the Designated Authority, (2) Clarification Letter dated July 01 ,2020 issued by the Respondent No.1, (3) a copy of the Form-S issued by the Designated Authority/Respondent No.2, and (4) a copy of order dated August 13, 2020 dropping the reassessment proceedings against the Petitioner. Counsel for the Petitioner: SRI NISHANTH THAKUR ADVOCATE APPEARING FOR SRI. ROHIT POGULA Counsel for the Respondents: Ms. K. MAMATA, The Court made the following: ORDER HONOURABLE SRI JUSTICE M.S.RAMACHANDRA RAO AND HONOI-IRABLE SRI JUSTICE T.AMARNATH GOUD ,ry.RIT PETITION NO..I5285 OF 20l8 lPer Sri Justice M.S.Ramachqndra Rao) Heard Sri Nishanth Thakur, leamed counsel appearing for Sri Rohit Pogula, leamed counsel for the petitioner and Ms. K.Mamata, leamed counsel for the respondents. 2. Having regard to the letters dt.01.07.2020 and 13.08.2020 issued by the Joint Commissioner of Income Tax (OSD), International Taxation-2, Hyderabad, the learned counsel fol the petitioner seeks to withdraw this Writ Petition. 3. Therefore, the petitioner is permitted to withdraw this Writ Petition in view of the above referred letters. 4. The Writ Petition is accordingly dismissed as withdrawn. No costs. 5. Pending miscellaneous petitions, if any, in this Writ Petition shall also stand dismissed. /iTRUE COPY// To, 1. One CC to Sri Rohit Pogula Advocate IOPU-Q] i. 6;;6d i; N/; x. Mama-ta, Advocate [oPUc] 3. Two CD Copies CHR ORDER: SD/-B,SATYAVATHI ASSISTANT REG'STRAR secrtoMrrtcrn HIGH COURT DATED:0910912020 ORDER W.P.No.45285 of 2018 DISMISSING THE WRIT PETITION AS WITHDRAWN WITHOUT COSTS 1trE ST4 16r ( e o zUC EP ,16 S o * i,ATC , I WDr .t1 "