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Syed Shah Mohammed Quadri, J. (Chairman), A.S. Narang and A. Sinha, Members Income Tax Act, 1961 - Sections 2(17), 4, 5, 5(2), 10(23C), 11, 12AA, 13(7), 28, 29, 30 to 43D, 115BBC, 115W, 115WA, 115WA(1), 115WA(2), 115WB, 115WC and 245Q(1); Finance Act, 2005 Warburton v. Loveland (1832) 2D. & Cl. 480; The Duke of Buccleuch (1889) 15 P.D. 86; Becke v. Smith (1836) 2M & W. 191; Steel Authority of India Ltd. v. National Union Waterfront Workers (2001) 7 SCC 1; CIT v. Justice R.M. Dutta (1989) 180 LTR 86 (Cal); Ganji Krishna Rao v. CIT (1996) 136 CTR (AP) 98 : (1996) 220 LTR 654 (AP); CIT v. Dorr Oliver (India) Ltd. (1994) 116 CTR (Bom) 428 : (1994) 209 ITR 691 (Bom) 1. This is an application under Section 245Q(1) of the IT Act, 1961 (for short "the Act"). The applicant, 'The Population Council, Inc., USA is a non-resident. It was founded in 1952 and was incorporated under the New York Membership Corporation Law. It is a resident of USA.It is an international non-profit, non-Governm...
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Reported in : (1999)237ITR142AAR
Appellants: Horizontal Drilling International S.A.Vs.For Appellant/Petitioner/Plaintiff: S.P. Puri, Vijender Gupta and Vidur Puri, Chartered Accountants 1. The applicant, Horizontal Drilling International S. A., is a company incorporated in France. An extract from the Trade Register of the Commercial Court of Pontoise describes the company's business activity as comprising : "The undertaking and performance of public works contracts, more particularly drilling works of all kinds as well as laying underground cable pipes and pipelines ; manufacture and sale of drilling equipment, incorporation and acquisition of companies, holding, investment in marketable securities and any legal and financial arrangements." The bye-laws of the company in Article 2 describe the company's corporate purpose as under : "The company's purpose both in France and in all countries, is the undertaking and performance of public works contracts more particularly drilling works of all sorts as well as the laying...
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Respondent: Commissioner concerned Director of Income-tax (International Taxation) For Appellant/Petitioner/Plaintiff: Yeshwant U. Chavan, Addl. Director of Income-tax For Respondents/Defendant: Anita Sumanth, Adv., Satish Aggarwal, C.A.and Shailesh Kumar, Addl. DIT (Int. Tax) Income Tax Act, 1961 - Sections 48, 49, 55(2), 139, 139(1), 154, 195(2) and 245R(2); Securities Contracts (Regulation) Act, 1956 - Section 2; Securities and Exchange Board of India Act, 1992 - Section 3 1. The applicant hereafter referred to as K-L IG is a company incorporated under the laws of Federal Republic of Germany and is therefore a foreign company. The applicant acquired a 26 per cent stake in an Indian company, namely, M/s Stump, Schuele and Somappa Pvt. Ltd., Bangalore ("SSS Ltd.") during the financial year 1964-65. It appears that these shares were allotted to K-L IG as a consideration for the sale of plant and machinery to SSS Ltd. In course of time, bonus shares were allotted to the applicant and i...
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