2011 (3) TMI 1439

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....ed into an agreement purchased and acquired all the shares of the Finsider International Company Ltd. on 23-4-2007 from Early Guard Ltd. for a consideration of US $ 981 million. On 13-3-2009, a writ petition was filed by Sesa Goa Ltd. against notice issued by the Revenue to treat it as an Agent under section 163 of the Income-tax Act proposing to tax the proceeds on sale of shares of Finsider International Company Ltd. by Early Guard Ltd. to the petitioner's company and West Globe Ltd. under the head 'Income from Capital Gains'. Since the Revenue intended to withdraw the notice issued against Sesa Goa Ltd., this Court disposed of the said writ petition as withdrawn.   The 1st respondent issued a notice on 12-10-2009 to proceed under....

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....the judgment of the Apex Court in the case of Vodafone International Holdings BV v. Union of India (2010) 329 ITR 126 (Bom.) to contend that the transfer of share in non-resident company from one non-resident company to another non-resident company does not amount to acquisition of immovable property or controlling the management and it is only an incident of ownership of the shares in a company which flows out of the holding of shares. As such, controlling interest therefore, is not an identifiable or distinct capital asset independent of the holding of shares and the nature of the transaction has to be ascertained from the covenants of the contract and from the surrounding circumstances.   Counsel for the petitioner has also relie....

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....her non-resident company which held 67% shares in an Indian Company, show cause notice was issued to the assessee in default for failure to deduct tax at source while making payment, and it is held therein, it is for the petitioner assessee to go before the assessing authority for clarification for default in not deducting tax at source while making payment.   As it transpires, petitioner has purchased the shares in Finsider International Company Ltd. Petitioner as a company incorporated under the laws of Cyprus and has purchased 60% of the shares of Finsider International Company from another company, Early Guard Ltd., UK. This Finsider International Company Ltd. was holding 51% shares of Sesa Goa Company Ltd., an Indian Company. T....