India: The ITAT rules in favour of the Double Taxation Avoidance Agreement between India and Belgium
Taxation of indirect transfer of shares (i.e. shares of a foreign company which derives substantial value from the assets located in India) has been one of the most debated issues under the direct tax laws in India.
Taxation of indirect transfer of shares (i.e. shares of a foreign company which derives substantial value from the assets located in India) has been one of the most debated issues under the direct tax laws in India.
With this update, we are delighted to share with you that in a matter involving indirect transfer of shares, we have received the Order of the Hon’ble Income-tax Appellate Tribunal Mumbai, in favor of the taxpayer (Sofina S.A, Belgium). The ITAT upheld the contention of the taxpayer allowing the benefit of the Double Taxation Avoidance Agreement between India and Belgium. This matter was argued by ELP, Taxand India along with a Senior Counsel.
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