AAR on tax rate applicable to a foreign company on LTCG accruing to it on sale of shares in Indian company

RELEVANT PARAGRAPH The applicant is a non-resident Company incorporated in United Kingdom. It is engaged in the business of information technology services. The applicant acquired the shares in Zensar Technologies Limited (for short `Zensar’), an Indian company by making payments in foreign currency between 1963 and 1994, after obtaining RBI’s approval. The applicant states that the shares held by it in the said company constituted 26.55% of the entire capital of Zensar and such shares were held for more than 12 months. These shares were listed on the Bombay Stock Exchange and the ...