Blackstone group entity gets Delhi High Court relief in income tax case

Delhi HC sets aside reassessment proceedings, asks revenue dept to re-examine the issue

In a setback for the revenue department, the Delhi High Court has set aside reassessment proceedings against a Blackstone group entity for allegedly escaping income tax payment.

The court in its order directed sleuths to re-examine the issue and check whether the transaction in question was a capital account transaction.

Singapore-based Blackstone Capital Partner VI FDI allegedly purchased shares of an Indian company, Agile Electric Sub-Assembly, which led to the escapement of income chargeable to tax.

The I-T department issued a notice in July last year to the Singapore entity, informing it about the re-opening of the case.

Setting aside