https://www.taxtmi.com/caselaws?id=32273 The case involved determining the tax rate applicable to long-term capital gains for a non-resident from the sale of shares and the deductibility of legal expenses related to share transfers under the Income Tax Act. The Authority for Advance Rulings (AAR) ruled in favor of the applicant, stating that the 10% tax rate on long-term capital gains applied to non-residents, irrespective of certain provisions. Additionally, the AAR allowed the deduction of legal expenses directly linked to the share transfer process, subject to specific criteria and guidance for quantification by the assessing officer. en-us Wed, 04 Feb 2009 00:00:00 +0530 Sat, 21 Mar 2009 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32273 The case involved determining the tax rate applicable to long-term capital gains for a non-resident from the sale of shares and the deductibility of legal expenses related to share transfers under the Income Tax Act. The Authority for Advance Rulings (AAR) ruled in favor of the applicant, stating that the 10% tax rate on long-term capital gains applied to non-residents, irrespective of certain provisions. Additionally, the AAR allowed the deduction of legal expenses directly linked to the share transfer process, subject to specific criteria and guidance for quantification by the assessing officer. Case-Laws Income Tax Wed, 04 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32273