Case Law Details
Case Name : In re M/s Umicore Finance Luxembourg (A.A.R. No. 797 of 2009)
Related Assessment Year :
Courts :
AAR Delhi Advance Rulings
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This Tax Alert summarises 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 Indian Company Law (ICL).
The issue was whether such sale of shares, in violation of a condition of lock-in period provided in the Indian Tax law (ITL), resulted in the withdrawal of the exemption of capital gains under the ITL. The AAR held that no capital g...
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Is there any Lock in period to hold the shares allotted to the partners at the time of conversion of Firm into a Company?
Pls.throw some light on tax implication if such shares sold after conversion say after 2 years.
Suresh M. Gala