One-Time voluntary Payment by Flipkart, Singapore to Option Holders on Disinvestment of PhonePe business: Delhi HC quashes Order passed u/s 197 of Income Tax Act [Read Order]
Reasoning of holding that the amount in question tantamount to perquisite under Section 17 (2)(vi) of the Income Tax Act, cannot be countenanced in law, as the stock options were not exercised by the petitioner and the amount in question was one-time voluntary payment made by FPS to all option holders in lieu of disinvestment of PhonePe business, Delhi HC
The Delhi High Court quashed an order passed under Section 197 of the Income Tax Act, 1961 in the matter relating to the one-time voluntary payment by FPS (Flipkart Pvt. Ltd., Singapore) to option holders on disinvestment of PhonePe business. The FPS announced the disinvestment of its whollyowned subsidiary called PhonePe. Thereafter, the value of…
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