Delhi High Court Directs Reconsideration of Nil Withholding Tax Request

Bray Controls South East Asia Pte Ltd Vs CIT (Delhi High Court) Delhi High Court has set aside an order by the Commissioner of Income Tax (International Transaction), remanding the case of Bray Controls South East Asia Pte Ltd (BCSAL) for fresh consideration regarding a nil withholding tax certificate. The court’s decision provides clarity on the parameters for assessing capital gains in share transfer transactions, particularly when the taxpayer claims a loss. Bray Controls South East Asia Pte Ltd, a Singapore-incorporated company, sought to acquire shares of its Indian affiliate, Bray ...