{"id":42997,"date":"2024-05-21T19:48:31","date_gmt":"2024-05-21T14:18:31","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-it-v-augustus-capital-pte-ltd-2024-296-taxman-398-delhihc\/"},"modified":"2024-09-28T16:33:48","modified_gmt":"2024-09-28T11:03:48","slug":"cit-it-v-augustus-capital-pte-ltd-2024-296-taxman-398-delhihc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-it-v-augustus-capital-pte-ltd-2024-296-taxman-398-delhihc\/","title":{"rendered":"CIT (IT) v. Augustus Capital Pte. Ltd. (2024) 296 Taxman 398 \/463 ITR 199(Delhi)(HC)"},"content":{"rendered":"<p>The assessee, a Singapore based company, had invested in equity and preference shares of &#8216;A&#8217;, a company incorporated in and resident of Singapore. On 27-3-2015, the assessee sold its entire shareholding in &#8216;A&#8217; to &#8216;J&#8217; (an Indian company). \u00a0The Assessing Officer computed the long-term capital gains arising from the transfer of shares of &#8216;A&#8217; and proposed addition. The assessee submitted that\u00a0<em>Explanation<\/em>\u00a07 of section 9(1)(<em>i<\/em>) ought to have been given retrospective effect. The DRP up held the addition. Tribunal deleted the impugned addition holding that\u00a0<em>Explanations 4<\/em>\u00a0and\u00a0<em>5<\/em>\u00a0inserted\u00a0<em>via<\/em>\u00a0the Finance Act, 2012 would operate retrospectively with effect from 1-4-1962. On appeal High Court up held the order of Tribunal. \u00a0(AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Capital gains-Shares-Not liable to be assessed as capital gains-Explanations 6 and 7 to section 9(1)(i) has to be treated retrospectively as it have to be read along with Explanation 5 which operates from 1-4-1962-OECD Model Convention, Art. 13  [S. 260A]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42997","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bbv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=42997"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42997\/revisions"}],"predecessor-version":[{"id":46803,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42997\/revisions\/46803"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}