https://www.taxtmi.com/news?id=680 Applicability of withholding obligations and the assessee in default fiction were considered for an overseas share transfer that in substance conveyed Indian assets. The court emphasized that deeming a payer an assessee in default must be strictly limited to persons expressly covered by withholding provisions, that failure to deduct may attract penalties separate from the recipient's tax liability, and that transfers effected through foreign shares can give rise to Indian tax consequences where the economic benefit and income flow from Indian assets to the foreign transferor are established. en-us Sun, 07 Dec 2008 23:43:38 +0530 Mon, 08 Dec 2008 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=680 Applicability of withholding obligations and the assessee in default fiction were considered for an overseas share transfer that in substance conveyed Indian assets. The court emphasized that deeming a payer an assessee in default must be strictly limited to persons expressly covered by withholding provisions, that failure to deduct may attract penalties separate from the recipient's tax liability, and that transfers effected through foreign shares can give rise to Indian tax consequences where the economic benefit and income flow from Indian assets to the foreign transferor are established. News - Sun, 07 Dec 2008 23:43:38 +0530 https://www.taxtmi.com/news?id=680