Law:

Section:

Section9 of the Income-tax Act, 1961 - Income - Deemed to accrue or arise in India - Whether transfer of shares of a foreign company which has an Indian Company as its subsidiary does not amount to transfer of any capital asset situated in India within meaning of 4th limb of section 9(1)(i) - Held, yes - Whether legal fiction in section 9(1)(i) does not mean that if a foreign company has a subsidiary in India, shares of foreign company are deemed to be situated in India - Held, yes - Whether income dealt with in each sub-clause is distinct and independent of other and, therefore, it is not necessary that income falling in one category under any one of sub-clauses should also satisfy requirements of other sub-clauses to bring it within expression 'income deemed to accrue or arise in India' in section 9(1)(i) - Held, yes - Whether section 9(1)(i) is not a 'look through' provision and, thus, it cannot by a process of interpretation be extended to cover indirect transfers of capital assets/property situated in India - Held, yes - Whether source in relation to an income is construed to be where transaction of sale takes place and not where item of value, which was subject of transaction, was acquired or derived from - Held, yes - Whether transfer of foreign holding company's share off-shore, cannot result in an extinguishment of holding company right of control of Indian company nor can it be stated that same constitutes extinguishment and transfer of an asset/ management and control of property situated in India - Held, yes - Hutchison Group, Hong Kong (UK) first invested into telecom business in India in 1992 when said Group invested in an Indian joint venture vehicle by name Hutchison Max Telecom Ltd. (HMTL), later renamed as HEL - HEL was an Indian company in which shares were acquired by Hutchison group of companies through a structural arrangement of holding and subsidiary companies incorporated in various foreign countries particularly in Mauritius - Hutchison Telecommunication International Ltd. (HTIL) was incorporated in Cayman Island - HTIL and its downstream companies held interests in mobile telecommunications business in several countries including…

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