https://www.taxtmi.com/caselaws?id=35513 The judgment allowed a non-resident foreign company's application seeking an "advance ruling" under section 245N(a) of the Income-tax Act, 1961 regarding potential capital gains tax liability of an Indian Private Limited company. The Authority for Advance Rulings permitted the application, emphasizing the direct impact on the applicant's business and interpreting the provisions broadly. Additionally, the conversion of a partnership firm into a private limited company was considered for potential capital gains tax liability under section 2(47) of the Act, with the application allowed to proceed for further hearing on the merits at a later date. en-us Tue, 07 Jul 2009 00:00:00 +0530 Fri, 12 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35513 The judgment allowed a non-resident foreign company's application seeking an "advance ruling" under section 245N(a) of the Income-tax Act, 1961 regarding potential capital gains tax liability of an Indian Private Limited company. The Authority for Advance Rulings permitted the application, emphasizing the direct impact on the applicant's business and interpreting the provisions broadly. Additionally, the conversion of a partnership firm into a private limited company was considered for potential capital gains tax liability under section 2(47) of the Act, with the application allowed to proceed for further hearing on the merits at a later date. Case-Laws Income Tax Tue, 07 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35513