S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -British Virgin Islands by company registered in Jersey — Value of shares transferred in India less than 50 Per Cent. — Income from transfer of shares not subject to tax in India -Foreign company- Minimum alternate tax – Companies not required Registration in India – Not liable to minimum alternative tax. [ S. 115JB ]
AAR held that British Virgin Islands by company registered in Jersey and the Value of shares transferred in India less than 50 Per Cent. Income from transfer of shares not subject to tax in India. AAR also held that a Foreign company which is not required registration in India is not liable to minimum alternative tax .
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