AAR Delhi

Foreign companies to pay tax on revenue earned under seismic data acquisition and processing contracts – AAR

OHM Limited Vs. DIT (AAR Delhi)

OHM Limited v. DIT (AAR No. 935 of 2010) - Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal. In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway e...

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Taxpayer holding tax residence certificate is eligible for the India-Mauritius tax treaty benefits

In Re. D.B.Zwirn Mauritius (AAR Delhi)

Authority for Advance Ruling (AAR) in the case of D.B.Zwirn Mauritius (AAR No. 879 of 2011) (Judgment date: 28 March 2011) dealt with the issue of taxability of capital gains on sale of shares by a Mauritian entity under the Income-tax Act, 1961 (the Act) or India-Mauritius tax treaty (the tax treaty). The AAR held that the applicant, hol...

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Pendency, before a statutory forum, of a similar matter in respect to transaction with a different party is no bar to seek advance ruling

In Re. LS Cable Ltd. (AAR Delhi)

Recently, the Authority for Advanced Ruling held that pendency of a similar matter of the applicant in respect to transaction with a different party, before a statutory forum, is no bar to seek advance ruling in respect of another transaction....

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Minimum Alternate Tax (MAT) provisions not applicable to foreign companies if no physical presence in India

In re The Timken Company (AAR Delhi)

The applicant is a company incorporated in the United States and is a leading manufacturer of engineered bearings, alloys etc. The applicant has a significant shareholding in an Indian listed company, which was initially set up as joint venture with Tata Iron and Steel Company....

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AAR rules no capital gains on Part IX conversion of firm to company

In re M/s Umicore Finance Luxembourg (A.A.R. No. 797 of 2009)

This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) [A.A.R. No. 797 of 2009] in the case of M/s Umicore Finance Luxembourg (Applicant). There was a sale of shares of a company by its shareholders which had received such shares on conversion of a firm into the company, under the provisions of Part IX of the...

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