https://www.taxtmi.com/caselaws?id=77014 Equity shares held as long-term investment were treated as capital assets under section 2(14), and a transfer from a foreign parent to its wholly owned Indian subsidiary fell within section 47(iv), so no taxable transfer arose under section 45. The Mauritius residency of the applicant brought the share gains within Article 13 of the India-Mauritius tax treaty, making them taxable only in Mauritius under section 90(2). The ruling also stated that section 115JB was not intended to apply to a foreign company with no place of business or permanent establishment in India. As the gain was not taxable in India, no withholding or transfer pricing consequences followed. en-us Fri, 23 Jul 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77014 Equity shares held as long-term investment were treated as capital assets under section 2(14), and a transfer from a foreign parent to its wholly owned Indian subsidiary fell within section 47(iv), so no taxable transfer arose under section 45. The Mauritius residency of the applicant brought the share gains within Article 13 of the India-Mauritius tax treaty, making them taxable only in Mauritius under section 90(2). The ruling also stated that section 115JB was not intended to apply to a foreign company with no place of business or permanent establishment in India. As the gain was not taxable in India, no withholding or transfer pricing consequences followed. Case-Laws Income Tax Fri, 23 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77014