Tax exemption for international sporting events and specified power-sector transfers introduced, subject to approval, notification and transfer conditions. Three new exemption clauses amend section 10 to exempt (a) specified income from international sporting events held in India to notified persons where events are internationally approved, multi national and government notified; (b) income received by a subsidiary from its Indian holding company in the power sector as settlement for reconstruction or revival when reconstruction is effected by transfer to an Indian company notified under the power-sector notification regime; and (c) income from transfer of a capital asset of a power undertaking to a notified Indian company when transferred on or before the prescribed cut-off.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for international sporting events and specified power-sector transfers introduced, subject to approval, notification and transfer conditions.
Three new exemption clauses amend section 10 to exempt (a) specified income from international sporting events held in India to notified persons where events are internationally approved, multi national and government notified; (b) income received by a subsidiary from its Indian holding company in the power sector as settlement for reconstruction or revival when reconstruction is effected by transfer to an Indian company notified under the power-sector notification regime; and (c) income from transfer of a capital asset of a power undertaking to a notified Indian company when transferred on or before the prescribed cut-off.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
