« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  FM urged to increase duty draw back rate by 3 pc... Last date for filing return extended to Feb 29... » 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.