The Authority for Advance Rulings (AAR) delivered a ruling dated 23 July 2009 in the case of Fujitsu Services Limited, UK (AAR/800/2009) on whether a foreign company was eligible to the concessional rate of tax on the long-term capital gains realized from sale of shares of a listed company.
(a) Facts. The Taxpayer (i.e. Fujitsu Services Limited) was a UK-based company and was a shareholder in Zensar Technologies Limited (Zensar), an Indian company listed on the…