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No addition of LTCG from sale of share as Explanation 7 of Section 9(1)(i) had retrospective effect
Case Law Details
- Case Name
- CIT Vs Augustus Capital Pte Ltd (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All High Courts, Delhi High Court
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CIT Vs Augustus Capital Pte Ltd (Delhi High Court)
Conclusion: Gains arising from sale of a share of a company incorporated overseas, which derives less than 50% of its value from assets situated in India would certainly not be taxable under section 9(1)(i) of the Act read with Explanation 5 thereto.
Held: Assessee-company incorporated under the laws of Singapore. It had invested in equity and preference shares of Accelyst Pte Ltd [ “APL”], a company incorporated in and resident of Singapore. The total value of the investments assessee made in APL was Rs. 4,91,20,000/-. A...
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