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Case Law Details

Case Name : In re M/s Umicore Finance Luxembourg (A.A.R. No. 797 of 2009)
Related Assessment Year :
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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 exem

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0 Comments

  1. Suresh Gala says:

    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

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