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Fate of Indirect Transfer Tax post Tiger Global judgment – Will it add hurdles for MNEs?
By Harshit Khurana and Devanshi Khurana
The Delhi High Court has recently held that the capital gains arising from the sale of shares of a Singaporean company (holding shares in Indian company) by a Mauritius-based investor were not taxable in India due to the grandfathering benefit provided under Article 13(3A) of the India-Mauritius Double Taxation Avoidance Agreement. The article in this issue of Direct Tax Amicus analyses the impact of the judgment on taxation of indirect transfer of shares of an Indian company where grandfathering benefit is not available. Discussing the position prior to the judgement, key findings of the said decision and the potential issues post this decision, the authors conclude by stating that while the recent decision is of utmost importance when it comes to applicability of the tax avoidance principles and granting of tax treaty benefit, it may pose hurdles in the cases of indirect transfers where grandfathering benefit is not available.
Notifications & Circulars
PAN and Aadhaar linkage – Exception of application of higher rate of TDS/ TCS in the event of death of deductee/ collectee before linkage
Ratio decidendi
Indirect transfer of shares by Mauritius Resident is not taxable in India – Delhi High Court
Valuation – Face value of shares to be considered as FMV, if shares allotted to employees were subject to lock-in restrictions – Delhi High Court
Consideration received on relinquishment of rights in respect of sweat equity shares is Capital Gain income – Delhi High Court
Discretionary compensation received for diminution in ESOP value is taxable as Perquisite under Section 17(2)(vi) – Madras High Court
Faceless mechanism applicable on reassessment proceedings of international taxation cases – Bombay High Court
Shares subscribed from foreign remittance is ‘Capital Account Transaction’ and no income accrued in India – Delhi High Court
