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
« From the Courts »
 The Income Tax officer (E), Ward-1(3), E-2 Block, Room No.2419, 24th Floor, Pratyaksh Kar Bhawan, Civic Centre, Jawahar Lal Nehru Marg, New Delhi PIN 110 002. vs. DLF Qutab Elclave Complex Medical Charitable Trust, 9th Floor, DLF Centre, Sansad Marg, New Delhi – 110 001.
 V. K. Kapoor & Associates Pvt. Ltd. 17, Netaji Subhash Marg, Darya Ganj, vs. ITO Ward-26(1) C.R. Building, New Delhi
 Sant Singh Ram Lal 3963-B, Naya Bazar, Delhi. PIN: 110006 vs. ITO Ward-47(1) New Delhi
 Amendment of Form No 108 of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public
 Harisons Diamonds P. Ltd. 2606/4, Shop NO. 101, 1st Floor, Soliator Plaza, Karol Bagh, New Delhi-110005 vs DCIT Circle-11(1) New Delhi
 Otsuka Chemical (India) Pvt. Ltd., 861-862, Joshi Road, Karol Bagh, New Delhi. vs. DCIT, Circle-13(1), New Delhi.
 Sh. Balvinder Kumar Joshi C/o Ravi Gupta Advocate E-6A, Kailash Colony New Delhi 110 048 vs. ITO, Ward 40(5) New Delhi
 Jindal Steel & Power Ltd., Delhi Road, Hisar Haryana vs. ACIT, Circle 1(1), Gurgaon Haryana
 Valley Iron & Steel Co. Ltd., Exchange Store Building, Sham Nath Marg, Civil Lines, New Delhi. vs. ACIT, Central Circle 5 Jhandewalan, New Delhi.
 Amit Sabharwal, C/o M/s Ashok Raj & Associates, 19, Navyug Market, vs. ITO, Ward-1(5), Ghaziabad.
 Swati Health And Educational Services P. Ltd., D-14, 2nd Floor, Preet Vihar, New Delhi – 92 Vs. Dcit, Central Circle, Noida

General Electric Co vs. DDIT (Delhi High Court)
September, 23rd 2011

The whole of the share capital of Genpact India, an Indian company, was held by a Mauritius company. The whole of the share capital of the Mauritius company was in turn held by General Electric Co, USA. The Mauritius company gifted the shares of Genpact India to another Mauritius company, whose shares were then ultimately sold to a Luxembourg company. The AO claimed that the transaction of transfer of shares of Genpact India had resulted in capital gains to General Electric, USA, and so he issued a notice u/s 163 proposing to treat Genpact India as an agent of General Electric and to assess it as a representative assessee. This was challenged by a Writ Petition. HELD upholding the challenge:

The mere fact that a person is an agent or is to be treated as an agent u/s 163 and is assessable as representative assessee does not automatically mean that he is liable to pay taxes on behalf of the non-resident. U/s 161, a representative assessee is liable only as regards the income in respect of which he is a representative assessee. This means that there must be some connection or concern between the representative assessee and the income. On facts, even assuming that Genpact India was the agent and so representative assessee of General Electric, there was no connection between Genpact India and the capital gains alleged to have arisen to General Electric (from the sale of shares of Genpact India). Consequently, the s. 163 proceedings seeking to assess Genpact India for the capital gains of General Electric were without jurisdiction.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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