Etrade Mauritius Limited v. The Assistant Director Ofincome Tax (International Taxation) And Others

1 IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.2134 OF 2008 E*TRADE Mauritius Limited....Petitioner vs. 1. The Assistant Director ofIncome Tax (International Taxation) and others....Respondents. --- Mr.Rohit Kapadia with Pradip Sancheti i/b. Khaitan &Co. for Petitioner. Mr.P.A.Vyas, for Respondent nos.1 to 3. Mr.Janak Dwarkadas with N.Sakhardande & E.Vahanvatii/b. AZB Pastra, for Respondent no.4. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ. DATED:26TH September,2008. P.C.:- By consent of parties, the petition is disposed of in the following terms:- 1.Within a period of one week from today, thepetitioner shall file revision before the Director ofIncome Tax (International Taxation) challenging the certificate which is impugned in this petition. Incase such a revision is filed the Director/RevisionalAuthority shall decide that revision in accordancewith law. All the contentions available to both thesides are kept open to be raised before theRevisional authority. 2.The Revisional authority shall decide therevision as expeditiously as possible in any casewithin a period of three months from the date offiling of the Revision. 3.During the pendency of the revision, interimorder in terms of prayer clause (d) of this petition,excluding the bracketed portion, shall operatesubject to the following conditions:- (i)The respondent no.4 while paying saleproceeds due to the petitioner as per the agreementshalldeducttherefromanamountofRs.24,50,00,000/-(Rupees twenty four crores fiftylakhs only) and within one week of deduction of theamount shall deposit that amount in this Court withdue notices to the petitioner, respondent no.1 andthe revisional authority. (ii)On the amount being deposited, it shall beinvested in fixed deposit in a nationalised bankduring the pendency of the Revision before theDirector/Revisional authority. (iii)While disposing of the Revision, theRevisional Authority shall make appropriate orderabout the disposal of the amount which is beingdeposited pursuant to this order, in accordance withlaw. Certified copy be expedited. (D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.)