Case Law Details
Case Name : The Prudential Assurance Company Ltd. Vs. DIT (AAR)
Appeal Number : Writ Petition No. 866 of 2010
Date of Judgement/Order : 29/04/2010
Related Assessment Year :
Courts :
Advance Rulings
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Facts
- Prudential Assurance Company Ltd. (Prudential) is a foreign company incorporated in United Kingdom and is engaged in the business of Insurance.
- Prudential registered with the Securities and Exchange Board of India as a sub-account of a Foreign Institutional Investor (FII).
- Prudential had made an application to the Authority for Advance Rulings (AAR) to determine whether income arising from its activities of purchase and sale of shares will be liable to tax in India. The AAR by order dated 30 April 2001 ruled that the activity of purchase and sale of shares by Prudential was in the ordinary course of its business and the income resulting from the said activities constitutes business profits and not capital gains.
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