https://www.taxtmi.com/caselaws?id=35143 AAR held that the transfer of shares in three Indian companies by the applicant to its associated foreign entities pursuant to a group reorganization was not chargeable to tax as capital gains in India. It found that no money or money's worth was received or accrued to the applicant and any business advantage from the restructuring was not quantifiable as consideration. As the consideration was absent or indeterminable, Section 45 read with Section 48 could not be applied, and Section 92 could not independently create chargeable income. Consequently, no capital gains tax was leviable in India, and the applicant could pursue appropriate remedies for refund of advance tax already paid. en-us Mon, 30 Nov 2009 00:00:00 +0530 Mon, 24 Nov 2025 15:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35143 AAR held that the transfer of shares in three Indian companies by the applicant to its associated foreign entities pursuant to a group reorganization was not chargeable to tax as capital gains in India. It found that no money or money's worth was received or accrued to the applicant and any business advantage from the restructuring was not quantifiable as consideration. As the consideration was absent or indeterminable, Section 45 read with Section 48 could not be applied, and Section 92 could not independently create chargeable income. Consequently, no capital gains tax was leviable in India, and the applicant could pursue appropriate remedies for refund of advance tax already paid. Case-Laws Income Tax Mon, 30 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35143