E*Trade Mauritius Limited vs The Assistant Director of Income Tax (International Taxation) and Others

Within a period of one week from today, the petitioner shall file revision before the Director of Income Tax (International Taxation) challenging the certificate which is impugned in this petition. In case such a revision is filed the Director/Revisional Authority shall decide that revision in accordance with law. All the contentions available to both the sides are kept open to be raised before the Revisional authority.

The Revisional authority shall decide the revision as expeditiously as possible in any case within a period of three months from the date of filing of the Revision.

During the pendency of the revision, interim order in terms of prayer Clause (d) of this petition, excluding the bracketed portion, shall operate subject to the following conditions:

(i) The respondent No. 4 while paying sale proceeds due to the petitioner as per the agreement shall deduct there from an amount of Rs. 24,50,00,000/-(Rupees twenty four crores fifty lakhs only) and within one week of deduction of the amount shall deposit that amount in this Court with due notices to the petitioner, respondent No. 1 and the revisional authority.

(ii) On the amount being deposited, it shall be invested in fixed deposit in a nationalised bank during the pendency of the Revision before the Director/Revisional authority.

(iii) While disposing of the Revision, the Revisional Authority shall make appropriate order about the disposal of the amount which is being deposited pursuant to this order, in accordance with law.

Certified copy be expedited.