High Court quashes income tax notices in capital account transaction cases

In a significant development, the Delhi High Court, in a recent order dated December 19, 2023, has quashed notices issued under Section 148A(b) of the Income Tax Act, 1961, in a batch of cases involving foreign companies investing in shares of their Indian subsidiaries. The court also set aside orders passed under Section 148A(d) of the Act and notices issued under Section 148 of the Act. Key Details of the…