Court : Authority for Advance Rulings
Agreement for Avoidance of Double Taxation between India and United Arab Emirates - Articles 1, 4, 10, 11, 13, 13(3); Income Tax Act, 1961 - Section 10(2A) 1. This is an application filed under Section 245Q(1) of the Income-tax Act, 1961. The applicant, Mr. Mohsinally Alimohammed Rafik, is an Indian national but a non-resident individual for Indian income-tax purposes. He has been away at Dubai for the past seventeen years where he has his residence and lives along with his wife and children and where he is working as the manager of the firm of Messrs. Ratan Mama and Co. (U. A. E.), Chartered Accountants, Dubai.2. The applicant is a non-working partner in Messrs. Ratan S. Mama and Co. (India) and Ratan S. Mama and Co. (Oman) which are assessed as registered firms in India. The share income derived by him from these two firms is exempt from Indian income-tax by virtue of Section 10(2A) of the Income-tax Act, 1961 ("the Act"). He is also the owner of a house property in India, but the i...
Tag this Judgment!Court : Authority for Advance Rulings
Reported in : (1999)240ITR518AAR
1. The applicant, "A", is a company incorporated in Canada and is a 100 per cent. subsidiary of a public limited company incorporated in Canada. It holds 16,414,616 shares in an Indian company, which constitute its Indian assets. There is a proposal for a "vertical short form amalgamation" of the applicant and its holding company in accordance with the provisions of Section 184(1) of the Canada Business Corporations Act. As a result thereof, the two companies will amalgamate and continue thereafter as one corporation and the shares held by the applicant in the Indian company will vest in the new corporation. The applicant desires to know whether the proposed transaction will attract any tax under the head "Capital gains" qua the shares of the Indian company held by it.2. The applicant-company has filed this application under Section 245Q(1) of the Income-tax Act, 1961 ("the Act"), and sought an advance ruling on the following questions : "(i) Whether any liability to pay income-tax in...
Tag this Judgment!Court : Authority for Advance Rulings
Income Tax Act, 1961 - Sections 2(30), 3, 3(1), 6(1), 10(5B), 245N and 245Q(1) 1. This is an application before this Authority constituted under the Finance Act, 1993, by the insertion of a new Chapter XIX-B in the Income-tax Act, 1961 (hereinafter referred to as "the Act"). It raises some interesting points and since this is the first application before this Authority, the questions that arise are discussed at some length.2. The facts stated in the application may now be set out. The applicant, Robert W. Smith, is a citizen of the United States of America. He is a mechanical engineer holding a graduation degree from Purdue University of U. S. A. He has been employed since 1963 by Wm.Wrigley (Junior) Company of U. S. A. (hereinafter briefly referred to as "the U. S. company"). In the course of his experience of 30 years' service with the U. S. company, he has specialised in the area of construction and commissioning of chewing gum plants as well as the manufacturing process of the pro...
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