Latest Expert Exchange Queries

Make 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) | 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: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: TDS :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: form 3cd :: empanelment :: list of goods taxed at 4%
 
 
« From the Courts »
 Pr CIT vs. Shri Mahila Sewa Sahakari Bank Ltd (Gujarat High Court)
 Pr CIT Vs. PPC Business And Products Pvt Ltd (Delhi High Court)
 Commissioner Of Income Tax Central-Iii Vs. M/s. Radico Khaitan Ltd.
 Mastech Technologies Pvt. Ltd Vs. Dy. Commissioner Of Income Tax
 Pr. Commissioner Of Income Tax Central-3 Vs. Surya Vinayak Industires Ltd.
 Pr. Commissioner Of Income Tax Central-3 Vs. J.H. Business India Pvt. Ltd.
 CIT vs. Bhushan Steels And Strips Ltd (Delhi High Court)
 Sumana Bandyopadhyay vs. DDIT (Calcutta High Court)
 Commissioner Of Income Tax, Delhi Vs. Vardhman Industries Ltd.
 Commissioner Of Income Tax, Delhi Vs. Bhushan Steels And Strips Ltd.
 Pr CIT vs. M/s Veer Gems (Gujarat High Court)

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 2017 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