NR liable to tax at 10% u/s 112 on sale of shares of Indian subsidiary which were not listed on stock exchange

INCOME TAX : Where applicant, an Australian Company, has sold entire shareholding in its wholly owned Indian subsidiary not listed on any stock exchange in India, to an entity of APXL group which is engaged in business of retailing consumer electronics and domestic appliances goods in India, capital gains on transfer of equity shares will be taxable in hands of applicant at rate of 10 per cent in accordance with section 112(1)(c)(iii)

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