Non-Residents Eligible For Lower Tax Rate On Capital Gain – HC

Petitioner, a private limited company registered in Scotland. Petitioner during the period relevant to the assessment year 2010-11 had transferred 4,36,00,000 equity shares of Rs.10/- each of Cairn India Limited to Petronas International Corporation Limited, Malaysia for consideration of US$ 241,426,379. This transaction dated 12^thOctober, 2009, pursuant to an agreement dated 14^th October, 2009, was an off market transaction i.e. not through a stock exchange. 

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