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2023 (10) TMI 630 - SUPREME COURTCapital gain on sale of shares of Indian company by one Non resident to another Non resident outside India – Withholding TDS u/s 195 - Whether transactions designed prima facie for avoidance of income tax under the Act? - As decided by HC [2014 (8) TMI 606 - DELHI HIGH COURT] gains arising from sale of a share of a company incorporated overseas, which derives less than 50% of its value from assets situated in India would certainly not be taxable under section 9(1)(i) of the Act read with Explanation 5 thereto and contention of the Revenue that the entire transaction of sale of Copal-Jersey shares has been structured in a manner so as to include the sale of shares in CRIL and Exevo-US by the Mauritian companies only to avoid the incidence of tax and take benefit of the DTAA is ex facie flawed. HELD THAT:- This application has been moved by the appellant for withdrawal of case. For the reasons stated by learned counsel for the appellant, the application is allowed. The appellant is permitted to withdraw the instant Civil Appeal.
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