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Nov 21, 2017
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Can’t tax Rs 1 lakh crore gains on Idea share sale by Tatas’ Mauritius arm: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has in its recent order dismissed the action of the lower I-T authorities to tax capital gains of around Rs 1 lakh crore in the hands of Tata Industries. This capital gain had arisen on sale of Idea CellularBSE -0.30 % shares by a Mauritius subsidiary of the Tatas to a Birla group company during the financial year 2006-07. In April 2006, Tata Industries sold its shareholding in Idea Cellular to Birla TMT Holdings and of Tata Industries, also sold its shareholding in Idea Cellular to the Birla group company.
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https://economictimes.indiatimes.com
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