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In Re: Advance Ruling P. No. 10 of

Court : Authority for Advance Rulings

Reported in : (1997)224ITR473AAR

..... in respect of which the persons mentioned in clauses (iii) and (iv) of subsection (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as "relevant ..... of trust or wakf deed, as the case may be, and is identifiable as such on the date of such order, instrument or deed ; (ii) the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is received shall be deemed to be indeterminate or unknown unless the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable, are expressly stated in the order of the court or the instrument of trust or wakf deed ..... nizam's family (remainder wealth) trust [1977] 108 itr 555, was concerned with the interpretation of the words, "when the shares of the persons on whose behalf or whose benefit any such assets are held are indeterminate or unknown" employed in section 21(4) of the wealth-tax act, 1957. .....

In Re: Advance Ruling No. P-9 of

Court : Authority for Advance Rulings

Reported in : (1996)220ITR377AAR

..... conventions drawn up by the oecd (organisation for economic co-operation and development) and the un (united nations), he observes at pages 455 to 457 : "articles 10 to 12 of each of the three mcs under review here stipulate that the treaty benefits--deduction of the withholding tax on dividends, on interest and royalties, where applicable, or exemption of interest and royalties in the state of source--shall be available only if 'the recipient' (of the dividends or interest ; article 12 oecd mc 'such resident') is the ..... it is, therefore, possible to take the view that the applicant companies are not the beneficial owners of the dividends payable on their shares in the indian bank and that, therefore, the dividends received by them from the indian bank are liable to be taxed at 15 per cent. ..... even assuming that the british bank had created two subsidiaries and these two subsidiaries were made to hold shares in the applicant companies, that transaction, namely, the formation of subsidiary companies, is, he says, irrelevant for the purposes of section 245r. ..... however, so far as capital gains are concerned, there is a definite advantage inasmuch as they will be exempt from tax if the shares are held by companies in mauritius while that benefit will not be available if the shares are held by an english company.24. .....

M/S Amiantit International Holding Ltd., Vs. Director of Income Tax (i ...

Court : Authority for Advance Rulings

..... of a hindu undivided family ; (iii) any transfer of a capital asset under a gift or will or an irrevocable trust : provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital asset being shares, debentures or warrants allotted by a company directly or indirectly to its employees under any employees stock option plan or scheme of the company offered to such employees. ..... page 12 of the written submissions, the learned counsel for the revenue has raised the contention that the shares of the indian company have specific cost of acquisition and the transfer of such shares with nil consideration apparently leads to capital loss which amounts to negative capital gains and therefore section 45 ..... 2.1 the core question raised in the application is whether capital gains tax is liable to be paid in relation to the transfer of 17.5 million shares held by the applicant in an indian group company in favour of its subsidiary in cyprus without stipulating any consideration therefore, as a part of reorganization of business of ..... enunciated in the above passage and the test laid down by the learned judges in the above case, we have no hesitation in holding that no consideration would accrue or arise to the applicant by the transfer of shares and the applicant cannot be said to have derived any profit or gain from the transaction. ..... all the rights, benefits, interests and burdens of the contributed shares will be for the account of the company as of the .....

In Re: Anurag Jain

Court : Authority for Advance Rulings

Reported in : (2005)195CTRAAR117

..... income shall be chargeable to income-tax under the head "profits and gains of business or profession"-- (va) any sum, whether received or receivable, in cash or kind, under an agreement for-- (b) not sharing any know-how, patent, copyright, trade-mark, licence, franchise or any other business or commercial right of similar nature or information or technique likely to assist in the manufacture or processing of goods or ..... director of it (international taxation), chennai, appearing for the cit, has submitted that having regard to the provisions of section 45 of the act, the full value of consideration for transfer of shares will be taxable in the year in which the transfer took place and merely because payment of a part of the consideration is postponed to a future date, it cannot be said that no ..... non-competition agreement are a material inducement and condition to the buyer's entering into purchase agreement and the share purchase agreement under which substantial direct and indirect benefits are assured. ..... agreement" which in turn mentions that the applicant will receive a portion of the purchase price in respect of ownership interest and substantial direct and indirect benefits from the transactions contemplated by the share purchase agreement. ..... include the applicant will receive a portion of the purchase price in respect of ownership interest in the indian company and will also receive direct and indirect benefits from the transaction contemplated by the share purchase agreement. .....

Transworld Garnet Company Limited Vs. Director of Income-tax (internat ...

Court : Authority for Advance Rulings

..... transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto: provided that in the case of an assessee, who is a non-resident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and exclusively in connection with such transfer and the full value of consideration received or accruing as a result of the transfer of ..... in the result the questions are answered as follows: question no.1 the denial of the benefit of the second proviso to section 48 of the act to the applicant, a non-resident assessee while computing capital gains arising from the sale of shares of tgi would not amount to discriminatory treatment in terms of article 24 of the dtaa ..... arises a situation where canadian companies (such as tgbc) holding shares in an indian company are prevented from availing the benefit of indexation in the computation of capital gains. ..... background, the applicant seeks the ruling of this authority on the following questions: (1) the second proviso to section 48 provides that no indexation benefit is available to a non-resident in the computation of long term capital gain arising from transfer of shares in an indian company. ..... also provides that the benefit of deducting the indexed cost of acquisition by taking into account cost inflation index is not available to non-residents on transfer of shares in an indian company. .....

Timken France Sas Vs. Director of Income-tax

Court : Authority for Advance Rulings

Reported in : (2008)BusLR60

..... entitled to different relief under section 48, first proviso - eligibility to avail the benefit of indexed cost of acquisition (under the second proviso to section 48) not a sine qua non for applying the reduced ..... of foreign currency does not follow that the non-residents should not get the benefit of reduced rate of tax availed by the residents - section 112(1), proviso does not make any distinction between original and bonus shares - in respect of the long-term capital gain arising from the sale of original and bonus shares, applicant entitled to the benefit of section 112(1), first proviso and, therefore, the quantum of tax payable not to exceed 10 per ..... to section 112(1) - whether the tax payable on long-term capital gains on sale of bonus shares of nrb bearing ltd would be 10 per cent of the amount of capital gains as per proviso to section 112(1) - held, first proviso to section 48 would be applicable for the computation of capital gains arising from the transfer of shares as original shares were purchased by utilizing foreign currency - benefit of section 112(1), proviso cannot be denied to the non-residents/foreign companies who were also .....

Timken France Sas Vs. Director of Income-tax (international Taxation) ...

Court : Authority for Advance Rulings

..... a result of the transfer of the capital asset into the same foreign currency as was initially utilised in the purchase of the shares or debentures, and the capital gains so computed in such foreign currency shall be reconverted into indian currency, so, however, that the aforesaid manner of computation of capital gains shall be applicable in ..... acquisition of the asset and the cost of any improvement thereto : provided that in the case of an assessee, who is a non- resident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and exclusively in connection with such transfer and the full value of the consideration received or accruing as ..... intended to extend the benefit of proviso to section 112(1) to the long-term capital gains arising to non-residents from the transfer of shares required to be ..... 112(1) is a special provision in respect of shares and a non-resident foreign company can avail of the reduced rate under the said proviso at par with the residents in addition to the benefit of protection afforded by the first proviso to section ..... the benefit of lower rate of tax is not be denied to the non-residents in respect of long-term capital gains arising from the transfer of original shares, it follows that the same interpretation will hold good in the case of bonus shares .....

P. No. 15 of 1998

Court : Authority for Advance Rulings

Reported in : (1999)235ITR565AAR

..... use of any vehicle provided by a company or an employer for journey by the assessee from his residence to his office or other place of work, or from such office or place to his residence, shall not be regarded as a benefit or amenity granted or provided to him free of cost or at concessional rate for the purposes of this sub-clause ; (iv) any sum paid by the employer in respect of any obligation which, but for such payment, would have ..... 17 as under : (i) the value of rent-free accommodation provided to the assessee by his employer ; (ii) the value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer ; (iii) the value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases : (b) by a company to an employee being a person who has a substantial interest in the company ; (c) by any employer (including a company) to an employee to whom ..... such a right from that commonly given to a shareholder in a commercial company, when, upon an issue of shares, he is given in the form of a provisional allotment letter the right to take up new shares at a certain price he can exercise his right and take up the shares, or he can sell his right to do so, or he can do neither and let the offer go ..... therefore, any benefit or amenity received by the employee including the benefit of purchase of shares of the american company at a concessional rate will have to be treated as perquisite under .....

Star Television Entertainment Ltd. and Others Vs. Director of Income-t ...

Court : Authority for Advance Rulings

..... of the amalgamating company or companies immediately before the amalgamation become the liabilities of the amalgamated company by virtue of the amalgamation; (iii) shareholders holding not less than three-fourths in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company by virtue of the amalgamation, otherwise than as a ..... thus, viewed from any angle, we are of the view that the benefit of section 47(vi) and (vii) of the income tax act cannot be denied to the applicants on the ground that the transfer of shares pursuant to amalgamation is a legally impermissible step adopted by the applicants only with a view to avoid or evade the income tax without there being any commercial ..... that the applicants have taken resort to the scheme of amalgamation for the mere purpose of availing the benefit of exemption under section 47 by putting on the mantle of amalgamation on transfer of shares of channel companies to the indian companies . ..... provisions, it admits of no doubt that the transfer of assets from the amalgamating foreign company to the amalgamated indian company and transfer of shares held by the share-holder in the amalgamating company in consideration of the allotment to it of the shares in the amalgamated company pursuant to the amalgamation as defined in section 2(1b) of the i.t. .....

Dana Corporation (Through Its Successor, Dana Companies Llc a Subsidia ...

Court : Authority for Advance Rulings

..... v of the plan and exhibit v.b.1 to the plan, the transfer of assets to the operating subsidiaries and the assumption of certain liabilities of debtor dana corporation by the operating subsidiaries in exchange for the shares of new dana holdco common stock to be distributed to the creditors of dana corporation is a transfer for fair value and fair consideration inasmuch as dana corporation will be transferring more liabilities than assets to new ..... placed on sections 45 and 48 in srinivasa settys case was reiterated and the conclusion was recorded as follows: inasmuch as we are of opinion that the consideration received by the assessee on the transfer of his shares to the partnership firm does not fall within the contemplation of section 48 of the income tax act and further that no profit or gain can be said to arise for the purposes of the income tax act ..... i shall address the contentious issue whether the charge to capital gains tax is attracted in relation to the transfer of shares of the indian companies by the applicant, having regard to the provisions of section 45 and 48 of the income ..... in sunils case, the supreme court held that the assessee, a partner of a firm who transferred his shares to the firm received no consideration within the meaning of section 48 of the income tax act, nor did any profit or gain accrue to him for the purposes of ..... in fact, such benefit or advantage in the larger sense is incapable of being computed in monetary terms as representing ..... benefit cannot .....