Income Tax Case Laws

Background of the case In August 2021, Hinduja Global Solutions Ltd (“HGSL” or “the Company”) announced that it has entered into definitive agreements to divest its Healthcare Services business (“HS business”) to funds affiliated with Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia. On January 6, 2022, the […]

Background In a recent ruling, the Telangana High Court (“the Court”) in the case of Spectra Shares and Scrips Limited (“the assessee” or “the Company”) decided on the tax treatment of the transfer of an entire bottling and marketing undertaking carried out for AY 1998-99. The Company was engaged in bottling and marketing Coca-Cola beverages […]

Background In a recent ruling, the Delhi High Court (“the Court”), in the case of PMV Maltings (P) Ltd (“the Company” or “the Assessee”), examined the interpretation of Fifth Proviso to Section 32(1) of the Income-tax Act, 1961 (“the Act”), in the context of depreciation claims following a demerger. The assessee acquired two malt production […]

Background In a recent ruling, the Delhi Income-Tax Appellate Tribunal (“The Tribunal”) adjudicated the case of Rajesh Kumar Sharma (“the assessee”) arising from the order passed by the CIT(A)/NFAC, Delhi dated 03.08.2023 for Assessment Year 2016–17. The assessment was framed under Section 147 of the Income-tax Act, 1961 (“the Act”). The dispute pertains to the […]

Background In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”), in the case of Atyant Capital India Fund-I (“the Company” or “the Assessee”), examined the tax treatment of long-term capital gains and losses arising from investments by a Foreign Portfolio Investor (FPI) resident in Mauritius. The central issue relates to the interplay between […]