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Mar 31 2009 (TRI)

M/S. Four Star Oil and Gas Co. Vs. Director of Income Tax (intl.Taxn.) ...

Court : Authority for Advance Rulings

Mr. Rao Ranvijay Singh The applicant, M/s. Four Star Oil and Gas Co., is a non-resident company incorporated in United States of America and is engaged in the business of exploration and production of hydrocarbon, marketing of gas and oil and other energy products having assets in various regions around the world. The applicant states that it owns 1,92,684 equity shares in Tide Water Oil and Gas Co.(India) Ltd. (in short Indian Company). The Indian company is a listed public company. The applicant holds 22% of the paid up share capital of the Indian Company. The equity shares held by the applicant consist of original shares, bonus shares and rights shares acquired by or allotted to the applicant over a period of time. The original shares were acquired in US Dollars long back i.e. in 1928. The applicant proposes to sell its equity interest in the Indian Company and for that purpose the applicant has entered into shares sale/purchase agreements with two identified buyers. The proposed t...

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Feb 27 2009 (TRI)

Mol Corporation Vs. Dit (int.Tax), New Delhi

Court : Authority for Advance Rulings

Honble Chairman The applicant is a company incorporated in the State of Nevada, USA and is an affiliate of Microsoft Corporation (MS Corp), a corporation having its headquarters in USA. The applicant was incorporated on 14th April, 2005. The applicant had acquired an exclusive license to reproduce Microsoft products and distribute them in America region. Pursuant to a plan of merger, Gracemac Corporation (Gracemac), a wholly owned subsidiary company of MS Corp. merged with the applicant on 2nd October, 2006. MS Corporation had granted Gracemac exclusive license to manufacture and distribute Microsoft products and also license a third party to directly grant the customers the right to reproduce Microsoft software products for internal use. Following the merger of Gracemac with the applicant, the exclusive license belonging to Gracemac was assigned in favour of the applicant. Thereafter, the applicant has entered into a license Agreement with Microsoft Operations Pte. Ltd. (MO) a company...

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Feb 27 2009 (TRI)

M/S Microsoft Operations Pte..Ltd. Vs. Dit (int.Tax), New Delhi

Court : Authority for Advance Rulings

By Honble Chairman This is an application for advance ruling filed under section 245Q of the Income-tax Act, 1961 ( for short the Act) coming up for orders on the point of admission under section 245R(2) of the Act. The following facts are stated by the applicant: 2. The applicant is a company incorporated in Singapore and it is a wholly owned subsidiary of Microsoft Corporation (MS Co) having its headquarters in USA. It entered into a license agreement with Gracemac Corporation (Gracemac) which is also a wholly owned subsidiary of MS Co on 1.1.1999 under which the applicant was granted non-exclusive license to manufacture, reproduce and distribute Microsoft products in Asia including India. In pursuance of the said agreement, the applicant had appointed Microsoft Regional Sales Corporation (MRSC) as the distributor of Microsoft products. MRSC, in turn, entered into agreements with the Indian distributors for the sale of the said products in India. 2.1 Gracemac merged with MOL Corporat...

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Jan 29 2009 (TRI)

Cholamandalam Ms General Insurance Co. Ltd. Vs. Commissioner of Income ...

Court : Authority for Advance Rulings

Honble Chairman 1. The applicant, an Indian company, seeks advance ruling broadly on the question whether it is obliged to deduct tax at source for the payments made to Hyundai Marine and Fire Insurance Co. Ltd. Korea (HMFICL) from time to time in connection with the Secondment Agreement entered into between them. Under that agreement, the services of Mr. Shin Bong In, (hereinafter referred to as Secondee) who was an employee of HMFICL at Korea were kept at the disposal of the applicant for a period of two years in order to assist the applicant in matters relating to Korean insurance business. 2. The following facts are stated in the application :- 2.1 The applicant is engaged in the business of non-life insurance and is interested in building up business relationship with Indian companies which are subsidiaries/joint ventures of certain foreign Companies. The applicant has, inter alia, two divisions one each dealing with the Korean and Japanee segments in India. In this regard, the a...

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Jan 27 2009 (TRI)

Shri Ramit Kumar Sharma Vs. Director of Income Tax(international Taxat ...

Court : Authority for Advance Rulings

Mr. Rao Ranvijay Singh, J. The applicant is a non-resident individual as referred to in sub-clause (i) of clause (a) of the section 245N of the Income Tax Act, 1961 ( in short the Act) and has reportedly stayed outside India for more than 182 days in each year during the span of last 10(ten) years. In the application filed before us it has been stated that the applicant intends starting a 100% ancillary unit to one tractor manufacturing industry in the state of Himachal Pradesh during the financial year 2008-09 with initial investment of Rs.40 lakhs in the Plant and Machinery and the said investment will gradually go up to Rs.1 (one) crore. The applicant avers that the proposed business establishment will be covered as small-scale industrial unit in the status of a proprietary concern. The applicants primary job, as stated, will be to provide milling, tooling and grinding of the surface of the raw castings of Rear Cover and Differential Housing which are important parts of tractors. Th...

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Dec 19 2008 (TRI)

M/S.Rural Electrification Corporation Ltd. Vs. Commissioner of Income ...

Court : Authority for Advance Rulings

Mr. Rao Ranvijay Singh, J. The applicant, a Government company, has filed an application before us under section 245Q(1) of the Income Tax Act, 1961 (in short the Act) in the prescribed Form No.34E i.e. the form prescribed for specified categories of resident applicants under section 245N(b)(iii) of the Act and has sought advance ruling in respect of the following two questions: - i. Whether the swapping premium amounting to Rs.170,58,24,000/- is profit derived from the business of providing long-term finance (computed under the head Profits and Gains of Business or Profession before making any deduction under this clause) in terms of section 36(1)(viii) of the Income Tax Act, 1961 ii. Whether specified percentage thereof is eligible for deduction u/s 36(1)(viii) of the Income Tax Act in view of the fulfillment of condition for carrying this sum to the special reserve. 2. Briefly stated, the applicant, M/s. Rural Electrification Corporation Limited, a public sector undertaking, is repo...

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Dec 17 2008 (TRI)

Dr. Virindra Kumar Raina Vs. Dit-ii (international Taxation), New Delh ...

Court : Authority for Advance Rulings

Mr. A. Sinha, J. Dr. Virindra Kumar Raina, a non-resident Indian citizen, has filed this application. The applicant has been working and living abroad for several years. At present he is working as a technical advisor to the Government of Bahrain. 2. The applicant states that he has opened various Non-Resident Ordinary Rupee Accounts (NRO accounts) with State Bank of India (SBI) and other nationalized banks through convertible foreign currency remittances. He now intends to return to India for indefinite period during the current financial year itself. Even after his return, the applicant will remain a non-resident during the current year. During this period he proposes to extend the maturity of the existing NRO accounts and also to open new NRO accounts, with convertible foreign exchange. But he does not mention the name of the bank in which new NRO accounts will be opened. He also proposes to file a declaration under section 115-H after his return to India. In the light of these fac...

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Nov 19 2008 (TRI)

Mr. Mustaq Ahmed Mustafa Gold Mart Vs. Director of Income-tax (interna ...

Court : Authority for Advance Rulings

Honble Chairman 1. The applicant is a non-resident in India and is a resident of Singapore. He carries on business in the manufacture and sale of gold jewellery in Chennai under the name and style of Mustafa Gold Mart. The applicant is the sole proprietor of that business. Through that business concern, the applicant sells jewellery in local market as well as by export, mostly to Singapore. The applicant has established a Company in Singapore under the name of Mustafa Pte. Ltd. and he holds bulk of shares therein. He is also Managing Director of another Company by name Md. Mustafa and Samsuddin Company Pte. Ltd., Singapore. Apart from the proprietory business of dealing in gold jewellery, the applicant is engaged in the activity of purchasing gold ornaments and exporting the same. Moreover, the applicant purchases gold for the purpose of conversion into jewellery and exports the said jewellery. The applicant submits that the activities of purchase of gold/gold ornaments for export are...

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Nov 19 2008 (TRI)

Burmah Castrol Plc. Burnside Road, Farburn Industrial Estate Vs. Direc ...

Court : Authority for Advance Rulings

Honble Chairman 1. The applicant, Burmah Castrol Plc. is a non-resident company incorporated under the laws of England and Wales. The applicant submits that during the financial year 2001-02, as per the directive of SEBI, it acquired 12,77,292 equity shares of Foseco India Limited (hereinafter referred to as FIL), an Indian company, for an acquisition price of Rs.221.86 per share and also as per those directives paid a further amount of Rs.49.1429 per share for the delay in making the Open Offer. The payment of the said cost of acquisition of Rs.271.0029 was made in foreign currency i.e. Sterling Pounds. The shares have been held by the applicant for more than 12 months. The shares of FIL are listed on the Bombay Stock Exchange and National Stock Exchange. 2. The applicant states that The Cookson Group Plc. made a public announcement to the shareholders of FIL pursuant to the Regulations of SEBI to acquire upto 20% of the shares of FIL at a price of Rs.420 per share. The Applicant tend...

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Oct 13 2008 (TRI)

Golf in Dubai, L.L.C. Vs. Director of Income Tax(int.Tax.)-i, New Delh ...

Court : Authority for Advance Rulings

Mr. Rao Ranvijay Singh, J. FACTS: The applicant, Golf In Dubai, LLC(in short GID), is a company registered in United Arab Emirates (in short UAE), having its registered office in Dubai. The applicant states that it is engaged in the business of promoting Golf nationally as well as internationally by way of organizing Golf tournaments in different countries. The applicants role is that of an event organizer who earns income by way of organizing such events. The applicant has reportedly got affiliations with the European Professional Golf Association (in short EPGA) by virtue of which many of the tournaments organized by GID are recognized as European Tour events, being extremely prestigious events with the participation of the top ranking international Golf players. 2. In keeping with the aforesaid objective of promoting Golf tournaments worldwide, the applicant organized two Golf tournaments in India. The first one known as EMAAR-MGF LADIES MASTERS, 2007 was organized in Bangalore at ...

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