https://www.taxtmi.com/caselaws?id=211466 The Authority held that the proposed buy-back of shares by a German company was not exempt from tax under Section 47(iv) of the Income-tax Act. It was determined that the company did not legally hold 100% of the shares in its Indian subsidiary, as required by the provision. Additionally, it was ruled that Section 115JB, pertaining to Minimum Alternate Tax, does not apply to the foreign company in this case. As the gains from the buy-back were deemed taxable under Section 46A, the applicant was not entitled to receive the buy-back amount without deduction of tax at source. en-us Mon, 27 Feb 2012 00:00:00 +0530 Wed, 12 Dec 2012 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211466 The Authority held that the proposed buy-back of shares by a German company was not exempt from tax under Section 47(iv) of the Income-tax Act. It was determined that the company did not legally hold 100% of the shares in its Indian subsidiary, as required by the provision. Additionally, it was ruled that Section 115JB, pertaining to Minimum Alternate Tax, does not apply to the foreign company in this case. As the gains from the buy-back were deemed taxable under Section 46A, the applicant was not entitled to receive the buy-back amount without deduction of tax at source. Case-Laws Income Tax Mon, 27 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211466