Tax Authority Based In Delhi Lacks Jurisdiction On Withholding Tax Liability On Share Purchase Transaction: Delhi High Court Quashes Tax Demand Against Sumitomo

The Delhi High Court has deleted the tax demand against Sumitomo Mitsui Financial Group on the grounds of lack of jurisdiction.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has observed that the jurisdiction on the withholding tax liability on the transaction of share purchase by the Assessee was already exercised by the tax authority based in Mumbai, thus the tax...