GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

C.A. No.-008945-008945 - 2019Supreme Court2019 INSC 127722 November 2019Bench: HON'BLE THE CHIEF JUSTICE29 pages
For Petitioner: E. C. AGRAWALA
AI SummaryDismissed

What did the Supreme Court hold?

The Supreme Court held that the High Court was correct in refusing to entertain the writ petition due to the availability of an alternative statutory remedy. The Court refrained from deciding the substantive issues regarding Section 115QA.

What were the facts?

The appellant company bought back shares from its holding company. The Income Tax Act was amended to introduce Section 115QA, imposing tax on distributed income from buy-back of shares. The appellant denied liability under this section, arguing the buy-back was part of a court-approved scheme of arrangement.

What were the issues?

Whether the High Court erred in dismissing the writ petition on the ground of alternative remedy, and whether the buy-back of shares was taxable under Section 115QA.

Which sections of the Income-tax Act were involved?

Section 115QA,Section 143(2)

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Cause title — parties, addresses and appearances
Civil Appeal No. 8945 of 2019 @ SLP(C) No.20728 of 2019 Genpact India Private Limited v. Deputy Commissioner of Income Tax & Anr. 1 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.8945 OF 2019 (Arising out of Special Leave Petition (Civil) No.20728 of 2019) GENPACT INDIA PRIVATE LIMITED …Appellant VERSUS DEPUTY COMMISSIONER OF INCOME TAX & ANR. …Respondents

J U D G M E N T Uday Umesh Lalit, J.

1.

Leave granted.

2.

This appeal arises out of the final judgment and order dated 19.08.2019 passed by the High Court of Delhi at New Delhi in Writ Petition No.686 of 2017. 3. The facts leading to the filing of the present appeal, in brief, are as under: (a) Out of opening share capital of 25,68,700 shares held by its sole shareholder and holding company Genpact India Investment, Mauritius, Civil Appeal No. 8945 of 2019 @ SLP(C) No.20728 of 2019 Genpact India Private Limited v. Deputy Commissioner of Income Tax & Anr. 2 the appellant bought back 2,50,000 shares in May 2013 at the rate of Rs.32,000/- per share for a total consideration of Rs.8

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