Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

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