https://www.taxtmi.com/caselaws?id=247704 The Authority for Advance Rulings held that tax withholding under section 195 of the Income-tax Act, 1961 was required for the purchase of equity shares and bonus shares of Patni Computer Systems Ltd from iSolutions, Inc. USA. The ruling, pronounced on May 9, 2014, emphasized the taxation obligations for non-residents acquiring assets in foreign currency, considering exchange rate fluctuations and legislative intent behind relevant provisions. The decision aligned with a previous High Court ruling and highlighted the importance of complying with tax withholding requirements as per the Income-tax Act, 1961. en-us Fri, 09 May 2014 00:00:00 +0530 Sat, 21 Feb 2015 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247704 The Authority for Advance Rulings held that tax withholding under section 195 of the Income-tax Act, 1961 was required for the purchase of equity shares and bonus shares of Patni Computer Systems Ltd from iSolutions, Inc. USA. The ruling, pronounced on May 9, 2014, emphasized the taxation obligations for non-residents acquiring assets in foreign currency, considering exchange rate fluctuations and legislative intent behind relevant provisions. The decision aligned with a previous High Court ruling and highlighted the importance of complying with tax withholding requirements as per the Income-tax Act, 1961. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247704