Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: VAT Audit
 
 
News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley

SC stays income tax notice against General Electric
December, 15th 2007
The Supreme Court on Friday stayed the notices issued by the Income Tax department demanding payment of capital gains tax from US-based General Electric Company for sale of GECIS Global shares to GECIS Investment Co.

A bench headed by Justice A B Bhan stayed the demand notices issued by the department on April 11 and October 10 this year after General Electric Company (GEC) and GE Capital International (Mauritius) challenged the jurisdiction of the tax authorities to initiate any action.

The petitioners alleged that a demand notice cannot be raised on a transaction related to transfer of shares of a company incorporated outside India by a non-resident to another non-resident, despite that leading to a change in ownership in India.

According to GEC, where there was no change in the ownership of the Indian assets (the shares in the Indian company) there was no resultant gain taxable in India.

The petition filed through Vijayalakshmi Menon stated that entire share capital of Delhi-based Genpact India was acquired by the GE Capital International (Mauritius) with Foreign Investment Promotion Board's approval in 1998.

Following this, a Security Purchase Agreement (SPA) was entered dated November 7, 2004.

Pursuant to the SPA, GE Capital and certain nominee shareholders gifted the GECIS shares to GECIS India Investments and GECIS India holding, respectively, the petition said, adding that GECIS Investments Co had acquired 99.1 per cent of the preferred stock and 60 per cent of the nominal common stock of a newly organised GECIS Global (Luxembourg) which represented the transfer of a capital asset situated outside India.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions