Sponsored
    Follow Us:

Case Law Details

Case Name : Re. M/s Amiantit International Holding Ltd.
Appeal Number :
Date of Judgement/Order :
Related Assessment Year :
Courts : Advance Rulings
Sponsored

Recently, the Authority for Advance Ruling (AAR) in the case of M/s Amiantit International Holding Ltd. [2010-TIOL-07-ARA-IT] held that the capital gains is taxable only when the applicant derive any profit or gain in the form of money or money’s worth or which is capable of being turned into money has accrued or arisen to the applicant.

The charging section [section 45 of the Income Tax Act, 1961 (the Act)] relating to capital gains and the computation provisions (section 48 of the Act) must be read harmoniously. When there is a case for which the computation provision cannot be applied, the charging section fails.

Further the AAR, reiterating the principle laid down in Dana Corporation [2009-TIOL-ARA-IT] , held that the transfer pricing provisions in an international transaction can be applied only when income is chargeable to tax in India and since in the present case income was not chargeable to tax in India the question of withholding tax under section 195 of the Act does not arise.

 Facts of the case

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031