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Beneficial ownership not prevails over legal ownership to tax gain on sale of shares -AAR
Case Law Details
- Case Name
- Re. Moody's Analytics Inc. (AAR Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Advance Rulings
Learned counsel for the Revenue argued that the beneficial ownership of the shares vested with Copal Jersey and that ownership should determine the applicatory law. India did not have a treaty with Jersey and hence on the application of the Income-tax Act, the capital gains are taxable in India. He pointed out that there was no dispute that the gains were taxable under the Act.
Counsel for the applicants in answer pointed out that the test of beneficial ownership has not been applied in such circumstances and the legal ownership of the shares vested in the company that held it. The fact that t...
