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Colourable Device and Gains Taxable In USA Parent’s Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets
Case Law Details
- Case Name
- Aditya Birla Nuvo Limited Vs The Deputy Director of Income tax and Union of India (Bombay High Court): Writ Petition No.730 of 2009
- Appeal Number
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Aditya Birla Nuvo Limited vs. DDIT (Bombay High Court) TIL cannot be said to be unaware of the fact that the shares of ICL held by AT&T Mauritius did not belong to AT&T Mauritius because TIL was party to the Shareholders Agreement, wherein all rights in respect of the shares of JVC to be issued after the Shareholders Agreement was to vest in AT&T USA and not with AT&T Mauritius. In the Share Purchase Agreement, it is recorded that the sale of shares of AT&T Mauritius in favour of TIL would take place only after the sale of shares of ICL in favour of Indian Rayon takes place...
