India's Authority for Advance Rulings (AAR) recently issued a ruling on whether the merger of two Italian companies with underlying assets held through a branch in India is subject to Indian capital gains tax. The merger involved three Italian companies; Banca Sella Holding (Hold Co) and its subsidiaries Banca Sella (Sub A - wholly owned by Hold Co) and Sella Servizi Bancari (Sub B - 80% owned …