Venture Intelligence (TSJ Media Pvt. Ltd.)
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HC stays I-T reassessment of PE investment in Vivitri Capital
The Income-Tax Department's move questioning investment into Indian entities by foreign companies over the source of funds and valuation suffered a jolt with the Delhi High Court staying reassessment proceedings initiated into investments made by private equity firm Creations Investment LLC. The I-T department had questioned the non-resident private equity firm's INR 235 crore investment in Vivitri Capital, a financial services firm, in FY19. It initiated reassessment proceedings under Section 148 of the I-T Act, saying the investment was income that had escaped assessment. The court issued a notice to the department and posted the matter for hearing on December 6, 2023. Its decision will have repercussions for several other similar cases.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.