The Income-tax Appellate Tribunal (ITAT) rendered its decision in the case of Goldman Sachs (India) Securities Pvt. Ltd. v. ITO.

The case concerned a buyback of shares by Goldman Sachs securities India (GSSI) from its sole stockholder Goldman Sachs Mauritius (GSM). The taxpayer considered that the difference between the face value of the stock and the buyback value qualifies as a capital gain …