Case Law Details
As the applicant does not have any physical presence in India in the form of an office or branch or a PE, the provisions of section 115JB are not applicable on the sale of shares of a listed company by the applicant, which has suffered securities transaction tax and accordingly, tax exempt under section 10(38)
Section 115JB is not designed to be applicable to the case of the applicant, a foreign company, who has no presence or PE in India.(Para 9.2)
As the applicant does not have any physical presence in India in the form of an office or branch or a PE, the provisions of section 115JB of the Act are not applicable on the sale of shares of a listed company Timken India Limited, by the applicant, which has suffered securities transaction tax and accordingly, tax exempt under section 10(38) of the Act.(Para 10)
BEFORE THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX), NEW DELHI
A.A.R. No. 836 of 2009 Please become a Premium member. If you are already a Premium member, login here to access the full content.
