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2014 (10) TMI 37 - HC - Income TaxClaim of damages on fraud – Advance ruling with regard to transfer of funds from India to US - Whether the amount of the settlement funds which had been transferred from India to USA were chargeable to tax in India - Held that:- The Authority for Advance Rulings had proceeded on the basis that they were revenue receipts and it had so observed on the basis of an alleged submission to this effect made on behalf of the petitioner - the settlement amounts would only go towards reducing the cost of acquisition of the American Depository Shares - the Authority for Advance Rulings has rendered its ruling based upon the wrong premise that the petitioner had accepted the receipts to be in the nature of revenue receipts - the Ruling of the AAR is set aside and the matter is remitted back to the AAR to examine the position – Decided in favour of petitioner.
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