On March 16, 2012, India’s Finance Minister presented the country’s budget for the fiscal year beginning April 1, 2012, which included proposed legislation that seeks to reverse the decision of (India’s) Supreme Court in the Vodafone case and makes several other significant amendments to (India’s) Income Tax Act, 1961 (“IT Act”). Many of the proposed amendments take effect retroactively from April 1, 1962.
(India’s) Supreme Court ruled in the Vodafone case that income arising from the transfer of shares of a company incorporated outside India by a seller resident outside India to a buyer resident outside India is not taxable in India (even if such transfer has the effect of indirectly transferring shares of an Indian company)....
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