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Archive: 24 March 2011

Posts in 24 March 2011

Lifting of Corporate Veil to tax sale of Foreign Company shares by one Non-Resident to another Non-Resident if Foreign Co holds shares in Indian Company

March 24, 2011 4833 Views 0 comment Print

Richter Holding Ltd v. ADIT – The Vodafone controversy continues – To determine taxability of acquisition of shares of a non-resident company holding majority shares in an Indian company by another non-resident, it may be necessary for the fact finding authority to lift the corporate veil to look into the real nature of transaction to ascertain virtual facts.

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