S. 2(22) --Non-resident--Indian company closely held by group holding companies in U. S. A., Singapore and Mauritius--Scheme for buy- back of shares by Indian company--Holding company in Mauritius alone accepting offer to buy-back shares--Capital gains claimed not chargeable in India under Double Taxation Avoidance Agreement with Mauritius--No dividend distributed by Indian company since introduction of dividend distribution tax--Considerable profits allowed to accumulate over years--Scheme for buy-back accepted only by Mauritius holding company--Device to avoid tax in India--Profits arising to be treated as deemed dividend and taxable in India--Indian company to deduct tax at source on sale proceeds-- A , In re (AAR) . . . 343 ITR 455
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