Modi Government 3.0 presented the first full Budget on July 23, 2024. As a first full budget of the new coalition government, reforms were expected on several policy, tax and regulatory front. Keepi...
In a high-stake matter involving tax amount of approximately INR 19,000 crore, Cognizant India filed an appeal before the Madras High Court against the decision of the Chennai Tribunal. The matter involves determination of whether purchase of shares (prior to June 1, 2016) will constitute capital gains income in the hands of the shareholders or deemed dividend subject to levy of Dividend Distribution Tax. This article summarises the underlying issue and the decision of the Chennai Tribunal.
