Direct Taxation

March 2026

Introduction

by Anjali Darak

Manager - Direct Tax

This article examines the Indian tax implications arising from a proposed cross-border corporate reorganisation involving the merger of a foreign holding company into its ultimate parent, where the foreign company directly holds shares in an Indian company. The transaction structure raises important considerations under the indirect transfer provisions of the Income-tax Act, 1961 (“the Act”), particularly Section 9(1)(i) read with Explanations 5, 6 and 7, as well as the exemption provisions contained in Sections 47(via) and 47(viab).

Coming to this month’s Taxation Times, here’s what we have:

An article on “Tax Implications of Indirect Transfer in Cross-Border Mergers: Analysis of Foreign Holding Company Restructuring”.
Case Laws from various courts & jurisdictions
Tax Compliance Calendar–March 2026
Circulars & Notifications–February 2026
Tax News from around the world

We hope that you find this month’s edition of the Taxation Times useful. In case you have any feedback or need us to include any information to make this issue more informative, please feel free to write to us at info@uja.in.

Happy Reading!

Best Regards,
UJA Tax Team

Tax Implications of Indirect Transfers in Cross-Border Mergers: Foreign Holding Company Restructuring Analysis

When a foreign holding company merges with its subsidiary that directly owns shares in an Indian company, two tax lenses apply in India: (1) direct transfer of the Indian company’s shares—often exempt if section 47(via) conditions are met; and (2) indirect transfer under section 9(1)(i) Explanation 5—potentially taxing gains in India if the foreign company’s value is substantially derived from Indian assets (≥ INR 100 million and ≥ 50% of global asset value). Attribution, valuation, documentation and reporting requirements follow Rules 11UB/11UC and Section 285A/Rule 114DB. Treaty relief (e.g., India–Italy) may still protect the gain, though Form 49D, Form 3CT and record-keeping obligations can apply regardless.

The Transaction in Focus

Consider ABC Pvt Ltd, an Indian company. A foreign subsidiary (“Foreign Co”) holds 65% in ABC Pvt Ltd, and an Ultimate Foreign Co holds 100% in Foreign Co. The proposal: merge Foreign Co into Ultimate Foreign Co, post which Ultimate Foreign Co directly holds 65% of ABC Pvt Ltd. (Figures are currently book values pending prescribed valuation).

This merger raises two possible Indian tax events:

Direct transfer of ABC Pvt Ltd shares to Ultimate Foreign Co via the merger—potentially exempt under section 47(via) if conditions are met.
Indirect transfer at the shareholder level (i.e., Ultimate Foreign Co’s shares in Foreign Co being extinguished), which can be taxable in India if “substantial value” is derived from Indian assets.

Direct Transfer: When Section 47(via) Can Protect the Merger

Section 47(via) exempts gains on the transfer of shares of an Indian company in a foreign amalgamation if both conditions are satisfied:

≥ 25% of shareholders of the amalgamating foreign company continue as shareholders of the amalgamated foreign company; and
The transfer does not attract capital gains tax in the country of incorporation of the amalgamating company.

Subsidiary–into–parent nuance. In a downstream‑to‑upstream merger, condition (1) may be inapplicable/impracticable since a parent cannot “continue” to hold shares in itself—supporting a view that if the overseas merger is tax neutral locally (e.g., in Italy), the direct transfer may remain exempt in India.

Indirect Transfer: The Deeming Rule & Thresholds

Under section 9(1)(i) Explanation 5, a share or interest in a foreign company is deemed situated in India if it derives, directly or indirectly, its value substantially from assets in India. This can tax gains from transferring shares of a foreign company that holds Indian assets.

Thresholds (Explanations 6 & 7). The “substantial value” test is met if, on the specified date:

The value of Indian assets exceeds INR 100 million and
These Indian assets are ≥ 50% of the value of all assets of the foreign company/entity.
Small investors (< 5% and no management/control rights) are carved out.

Application to the merger. In an amalgamation, shares of the amalgamating foreign company are extinguished—this is a transfer. If the thresholds are met, indirect transfer provisions may be triggered.

Valuation & Attribution: Rules 11UB and 11UC in Practice

Rule 11UB (FMV determination).

Unlisted Indian Company Shares (like ABC Pvt Ltd): FMV must be determined by a SEBI Category I Merchant Banker or an Accountant using internationally accepted valuation methods, plus liabilities.
Foreign Company Shares: FMV is based on the valuation of all assets (Indian and non‑Indian) on the specified date via a Merchant Banker or Accountant. For foreign valuation (e.g., Italy), a recognised valuer meeting specific cross-border presence, receipts and experience conditions may be engaged.
Valuation timing uses the prior year-end unless book values moved > 15%; FX conversion uses TT buying rate on the valuation date.

Rule 11UC (Attribution to India).

Only the proportionate gain linked to Indian assets is taxable in India:
Taxable Gain = Total Gain × (FMV of Indian Assets / FMV of All Assets).
If the transferor doesn’t provide information, the AO may estimate.

Special Corporate Reorganisation Relief—and Its Limits

Section 47(viab) can exempt transfers in a foreign amalgamation even when the foreign company derives substantial value from Indian assets—but the CBDT has clarified that this relief does not extend to the shareholders of the amalgamating foreign company (i.e., the parent shareholder whose shares are extinguished). Thus, if the 50%/INR 100 million tests are met, proportionate gains in the hands of the shareholder can still be taxable in India under the indirect transfer rules.

Treaty Relief (e.g., India–Italy) & Documentation

Even where domestic law points to taxability, treaty protection can prevail. For the India–Italy context, the position in your note is that indirect transfer gains are exempt under the treaty, subject to standard documentation such as TRC and Form 10F to support eligibility.

Practical point: Maintain early coordination with local counsel to confirm the overseas tax treatment and compile treaty documents in time with the transaction steps.

Compliance & Reporting: Don’t Miss the Deadlines

Indian concern’s obligations (ABC Pvt Ltd)

Form 49D filing under section 285A / Rule 114DB within 90 days from the end of the FY in which the indirect transfer occurs—or within 90 days of the transaction if it involves a transfer of management or control.
Maintain detailed records: group shareholding charts, financials, agreements, valuation reports and decision trails—for 8 years.

Transferor’s obligations (Ultimate Foreign Co.)

Obtain Form 3CT (Accountant’s certificate) for the income attributable to Indian assets and provide all supporting information for Rule 11UC attribution.

Penalties for non-compliance (section 271GA).

2% of transaction value if there’s a transfer of management/control;
INR 500,000 in other cases.

These obligations may apply even if the gain isn’t taxable in India due to treaty relief (the reporting regime can still bite if thresholds are met).

Alternative Route: What if Shares are Transferred Outside a Merger?

If Foreign Co transfers ABC Pvt Ltd shares other than by merger/amalgamation, the direct transfer exemption won’t apply—Indian capital gains tax can arise regardless of deal size since the asset transferred is shares of an Indian company.

Step-by-Step Playbook for Deal Teams

Map the structure & events: Identify where “transfer” occurs (share extinguishment in the amalgamating foreign company; receipt of Indian shares at parent).
Run threshold tests using Rule 11UB valuation (not book values).
Model attribution under Rule 11UC and assess potential Indian tax exposure.
Check domestic exemptions: Section 47(via) for direct transfer; 47(viab) for reorgs—note shareholder‑level limitation. ,
Evaluate treaty relief (TRC, Form 10F, beneficial ownership, etc.).
Plan filings & evidence: Form 49D, Form 3CT, 8‑year record retention.
Mitigate penalties: Align timelines to avoid section 271GA exposure.

Key Takeaways

Two-layer analysis: direct transfer exemption vs indirect transfer exposure.
Do the math: Run Rule 11UB valuation and Rule 11UC attribution—not book estimates.
Mind the limits of section 47(viab) at the shareholder level.
Treaty relief may shield gains—ensure TRC / Form 10F.
Comply or pay: Form 49D, Form 3CT, documentation for 8 years and penalties under 271GA if missed.

Case Laws

FEBRUARY 2026

[2026] 183 taxmann.com 382 (Guwahati - Trib.) IN THE ITAT GUWAHATI BENCH Laltanpuia Chawghlut v. Income-tax Officer
FEBRUARY 11, 2026

Section 10(26), read with section 69A, of the Income-tax Act, 1961

Fact I :

The assessee–trader did not file returns under section 139 for AYs 2013-14 and 2014-15. Based on the Insight portal, the department noted huge cash deposits in his bank accounts for both years. Reassessment was initiated under section 148; despite notices under sections 148 and 142(1), no return or details were filed within time. Later, the assessee claimed eligibility for section 10(26) exemption on the basis of tribal status and business within the specified area, relying on certificates and GST particulars.
The AO held that the certificates/GST particulars did not establish that the cash deposits represented income from business carried on within the specified area. As the deposits were not recorded in any books and the nature and source remained unexplained, the AO invoked section 69A and treated cash deposits for the two years respectively, as unexplained money; the claim under section 10(26) was rejected and reassessments were completed under section 147 read with section 144/144B.
On appeal, the CIT(A) obtained a remand report; the assessee filed a rejoinder. The CIT(A) dismissed the appeals.
On appeal to the Tribunal:

Held I:

The assessee has deposited a huge amount in his bank account for both years and during the assessment proceedings the assessee submitted vague reply and in the remand proceedings, the assessee furnished evidences and the Commissioner (Appeals) called remand report against the remand report, assessee filed rejoinder. On going through the remand report and rejoinder filed by the assessee, the GST return filed by the assessee does not prove the legitimate source of bank deposits without supporting documents. Even remand report proceedings could not prove the source of cash deposits in his bank account with legitimate evidences and as per the observation of the Assessing Officer, the assessee has not produced books of accounts, bills and vouchers in support of his claim even if he did not file the return income and financial statements which prove that the assessee had no evidences and had not maintained books of accounts. The assessee has not computed his income from business as stated that the assessee is running an FMCG. Firstly, the assessee has to compute his income from business or profession carried on by him as per the provision of the Act and thereafter he may make claim for exemption as per section 10(26) if he has satisfied the conditions as per the IT Act, but the entire receipts/deposits in bank account does not qualify for exemption under section 10(26); the exemption is only on the income computed as per the provision of the Act. Even the assessee could not furnish any single document about the trading activity carried on by him and only the bank statement and agreement with suppliers have been furnished but the assessee did not furnish the source of deposits in his bank account. It is also interesting to note that there is a huge variation in the bank deposits between the two years and the reason has also not been explained. Considering the totality of facts and circumstances of the case the claim of exemption under section 10(26) cannot be granted merely on the basis of tribal status and residence and it is the duty of the assessee to conclusively prove that the income was derived from legitimate source within the specified area and is not in the nature of income taxable under the specified head. Apparently, the assessee has not discharged his liability. Considering the totality of the facts and observations noted above, the appeals are dismissed. [Para 13]
In Favour of: The revenue

[2026] 183 taxmann.com 477 (Delhi - Trib.) IN THE ITAT DELHI BENCH 'F' Dheeraj Chaudhary v. A.C.I.T
FEBRUARY 11, 2026

Section 69A, Section 68 and Section 22 of the Income-tax Act, 1961

Facts I :

During the search carried out on K group, certain incriminating documents/information related to the assessee were found and seized.
The Assessing Officer observed that the assessee did not furnish any document to establish the authenticity of the source of cash receipts appearing in the documents seized. He, thus, made additions in the hands of the assessee based solely on loose/rough sheets seized during search.
On appeal, the Commissioner (Appeals) confirmed the order of the Assessing Officer.
On appeal to the Tribunal:

Held I :

The entire quarrel revolves around seized documents on the basis of which additions have been made. These documents contain jottings of figures, many of which do not have any dates, from which no logical conclusion can be drawn. [Para 9]

It is apparent from the law mandated by the Supreme Court in the case of Common Cause (A Registered Society) v. Union of India [2017] 77 taxmann.com 245/245 Taxman 214/394 ITR 220 (SC) that the loose sheet of papers found in the search, in the case of the assessee, are wholly irrelevant as evidence being not admissible under section 34 of the Evidence Act to constitute evidence with respect to the transactions mentioned therein, being uncorroborated with any books of account. They are merely rough sheets, without any dates and wherever dates are mentioned, they do not pertain to the impugned year. Considering the facts of the case in totality, there is no merit in the additions made by the Assessing Officer, based on the above seized rough sheets. Therefore, the Assessing Officer is directed to delete the impugned additions. [Para 11]

Conclusion: In favour of assessee

Facts II :

During the year, the assessee had taken a loan from Muthoot Finance Ltd.
The Assessing Officer made an addition on account of a loan taken by the assessee on the ground that no details of security for such loan was give by the assessee.
On appeal, the Commissioner (Appeals) upheld the addition made by the Assessing Officer.
On appeal to the Tribunal:

HELD II :

The Commissioner (Appeals) upheld the same stating that no details of security for such a loan were given by the assessee. It is found that the said cash was taken as a loan from Muthoot Finance Ltd against the security of jewellery. Neither the Assessing Officer examined that the same is not reflected in assessee’s books of account as claimed by the assessee nor the Commissioner (Appeals) examined the same. Therefore, the said addition is not sustainable in law. Accordingly, the Assessing Officer is directed to delete the said addition. [Para 12]

Conclusion: In favour of assessee

FACT – III :

The Assessing Officer added an ad-hoc amount of Rs. 1.00 lakh as deemed income from house property on the ground that no such income was shown in the impugned year, unlike the previous year.
On appeal, the Commissioner (Appeals) upheld the order of the Assessing Officer.
On appeal to the Tribunal:

HELD – III :

The assessee stated before the Commissioner (Appeals) that the assessee, being in the real estate business, had rented out its inventory flat, which was sold during the assessment year 2014-15, and hence no house property income was shown in the impugned year. The Assessing Officer/Commissioner (Appeals) has neither examined the explanation of the assessee nor verified the factual position. Therefore, such an ad-hoc addition as deemed income from house property is not justified without verification of facts and directs the Assessing Officer to delete the said addition. [Para 13]
Conclusion: In favour of assessee

Circulars and Notifications January 2026

PRESS RELEASE:

CBDT SEEKS STAKEHOLDERS' INPUTS ON PROPOSED INCOME-TAX RULES AND FORMS RELATED TO INCOME-TAX ACT, 2025

The Income-tax Act, 2025 received the assent of the President in August 2025. The Act will come into effect from 1st April 2026.

Before the final notification of the Income Tax Rules and Forms, to encourage wider stakeholder participation, the proposed Income Tax Rules and Forms have been uploaded on the official website: www.incometaxindia.gov.in. The corresponding Income-tax Rules and related Forms have been prepared after broad-based consultation to align with the provisions of the Income-tax Act, 2025.

Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification.

As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories:

Simplification of Language
Reduction of Litigation
Reduction of Compliance Burden
Identification of Redundant/Obsolete Rules and Forms

To facilitate this, a utility has been launched on the e-filing portal, which can be accessed through the following link:

https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review

The above link is live and accessible to all stakeholders from 4-2-2026 on the e-filing portal. Stakeholders can submit their inputs by entering their name and mobile number, followed by an OTP-based validation process.

All suggestions should clearly specify the relevant provision of the proposed Income-tax Rules or the proposed Form no (including the specific rule, sub-rule or form number) to which the recommendation pertains under the aforementioned four categories.

PRESS RELEASE, DATED 8-2-2026

Notifications

SECTION 80-IAC OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF SPECIFIED BUSINESS - STARTUP INDIA - SUPERSESSION OF NOTIFICATION NO. GSR 127(E), DATED 19-2-2019

This notification is being issued in supersession of the Gazette Notification No. G.S.R. 127(E), dated February 19, 2019.

Definitions

In this notification,
a.’Startup’ means an entity which—
is incorporated or registered in India as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) or a Multi-State Cooperative Society registered with the Central Registrar of Cooperative Societies (under the Multi-State Co-operative Societies Act, 2002) or a Cooperative Society registered under any State or Union Territory Cooperative Societies Act with the respective Registrar of Cooperative Societies in India;
is within a period of ten years from the date of its incorporation or registration

- iii. has a turnover for any of the financial years since incorporation or registration not exceeding two hundred crore rupees and

is working towards innovation, development or improvement of products or processes or services, or is a scalable business model with a high potential of employment generation or wealth creation:

Provided that, in the case of an entity recognised as a ‘Deep Tech Startup’ under this notification:

(a) The period specified in clause (ii) shall be up to twenty years from the date of its incorporation or registration; and

(b) The turnover limit specified in clause (iii) shall be three hundred crore rupees for any of the financial years since incorporation or registration:

Provided further that an entity formed by splitting up or reconstruction of an existing business shall not be considered a Startup.

Explanation-

For the purposes of this notification, an entity shall cease to be a Startup on completion of ten years from the date of its incorporation or registration, or if its turnover for any previous year exceeds two hundred crore rupees:

Provided that, in the case of an entity recognised as a Deep Tech Startup under this notification, such entity shall cease to be a Deep Tech Startup on completion of twenty years from the date of its incorporation or registration, or if its turnover for any previous year exceeds three hundred crore rupees.

“Act” means the Income-tax Act, 1961[1];
“Board” means the Inter-Ministerial Board of Certification comprising the following members:
Joint Secretary, Department for Promotion of Industry and Internal Trade, Convener
Representative of the Department of Biotechnology, Member

iii. Representative of the Department of Science & Technology, Member

The strength and composition of the Board may be amended, with the approval of the Secretary, DPIIT.

“Central Registrar” shall have the meaning as assigned to it in clause (d) of Section 3 of The Multi- State Cooperative Societies Act, 2002;
“cooperative society” shall be registered under any State/Union Territory Cooperatives Acts with the respective Registrar of Cooperative Societies in India.
“limited liability partnership” shall have the meaning as assigned to it in clause (n) of sub- section(1) of Section 2 of the Limited Liability Partnership Act, 2008;
“multi-state cooperative society” shall be registered with the Central Registrar of Cooperative Societies under the Multi-State Cooperative Societies Act, 2002.
“partnership firm” shall have the meaning as assigned to it in Section 4 of the Partnership Act, 1932.
“private limited company” shall have the meaning as assigned to it under the Companies Act, 2013.
“State/Union Territory Cooperatives Acts” shall refer to any Acts relating to cooperative societies enacted from time to time by a State or Union Territory.
“turnover” shall have the meaning as assigned to it in clause (91) Section 2 of the Companies Act, 2013.
All references to “Forms” in this notification shall be construed as references to the forms set out in Appendix-I hereto.
“DPIIT” means Department for Promotion of Industry and Internal Trade.
A ‘Deep Tech Startup’ means a ‘Startup’ that has the following attributes, in addition to the criteria detailed in para (1)(a):

i.It is working on producing a solution based on new knowledge/advancements within a scientific or engineering discipline or multiple disciplines, which is yet to be developed or is in the process of being developed;

It has a high percentage of expenditure on Research and Development (R&D) activities as a percentage of revenue/funding.

iii. It owns or is in the process of creating significant novel Intellectual Property (IP) and taking steps to commercialize the same; and

It is facing extended development timelines, long gestation periods, high capital and infrastructure requirements and carrying large technical or scientific uncertainty:

Provided that, for the purposes of this notification, a ‘Deep Tech Startup’ shall be deemed to be a ‘Startup’, and references to a ‘Startup’ shall include a ‘Deep Tech Startup’, unless otherwise stated:

Provided further that, the determination of whether an entity satisfies the attributes of a ‘Deep Tech Startup’ shall be made in accordance with such framework, parameters, and guidelines as may be issued by the Department, and based on the documents and information furnished by the applicant in the manner specified by the Department.

Recognition

The process of recognition of an eligible entity as a Startup shall be as under:
An entity shall make the application specified on the portal set up by DPIIT. The application shall be accompanied by—
a copy of Certificate of Incorporation or Registration, as the case may be, and
a write-up about the nature of business, highlighting how it is working towards innovation, development, or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation.
In the case of entities applying to be recognised as ‘Deep Tech Startup’, the entity must provide documents and information as may be specified in the online application portal, which demonstrate that the entity meets the attributes specified under point (n) under the ‘Explanation’ section of this notification.
The DPIIT may, after calling for such documents or information and making such enquiries, as it may deem fit,
Recognise the eligible entity as ‘Startup’, including as a ‘Deep Tech Startup’ as applicable; or
Reject the application by providing reasons.

Certification for the purposes of section 80-IAC of the Act [2]

A Startup, including a Deep Tech Startup being a private limited company or limited liability partnership, which fulfils the conditions specified in sub-clause (i) and sub-clause (ii) of the Explanation to section 80-IAC of the Act, may, for obtaining a certificate for the purposes of section 80-IAC of the Act, make an application in Form-1 along with documents specified therein to the Board and the Board may, after calling for such documents or information and making such enquires, as it may deem fit,
Grant the certificate referred to in sub-clause (c) of clause (ii) of the Explanation to section 80-IAC of the Act; or
Reject the application by providing reasons.

A Startup shall make the application specified on the portal set up by DPIIT.

Conditions.

Startup, including a Deep Tech Startup, shall deploy its funds primarily towards its core business activities, innovation, research, scaling, or operational requirements, and shall not engage in activities or investments of the nature specified below, except in the ordinary course of its business.
Startup, including a Deep Tech Startup, shall not, during the period of recognition, invest in any of the following assets or activities, other than where such investment is integral to its core business operations
Building or land appurtenant thereto, being a residential house, other than that used by the Startup for its own business purposes or held as stock-in-trade.
land or building, or both, not being a residential house, other than that occupied by the Startup for its business or held as stock-in-trade in the ordinary course of business.

iii. Loans and advances, except where the lending of money is a substantial part of the Startup’s business or such advances are made in the ordinary course of business.

Capital contributions to other entities, except where such contribution is directly related to the Startup’s business or strategic objectives.
Investment in shares and securities, except where such investments are incidental to treasury operations or form part of Startup’s core business.
Motor vehicles, aircraft, yachts, or other modes of transport of high value, except where such assets are used for operational, leasing, hiring or stock-in-trade purposes.

vii. Jewellery or other luxury assets, except where held as stock-in-trade in the ordinary course of business.

viii. Any other asset or activity of a speculative or non-productive nature, as may be notified by the Central Government.

Revocation

(1) In case it is found that any certificate referred to para 3 has been obtained on the basis of false information, the Board reserves the right to revoke such certificate or approval.

(2) Where the certificate or approval has been revoked under sub-para (1), such certificate or approval shall be deemed never to have been issued or granted by the Board.

Relaxations and Modifications

The Central Government may, in special circumstances, relax or modify the applicability of one or more conditions of this definition for classes of startups or individual cases, as it may deem fit.
This notification shall come into effect on the date of its publication in the Official Gazette.

NOTIFICATION NO. G.S.R. 108(E) [F. NO. P-38015/19/2025-STARTUP INDIA], DATED 4-2-2026

Tax Calendar February 2026

02nd March 2026

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/ 194-IB/ 194M/ 194S in the month of January 2026

07th March 2026

TDS/TCS Deposit: Due date for the deposit of Tax deducted/collected for the month of February 2026. However, all sums deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income tax Challan

15th March 2026

Due date for the fourth instalment of advance tax for the assessment year 2026-27.
Due date for the Instalment of Advance Tax for assessee covered under presumptive income scheme of Section 44AD/44ADA

17th March 2026

Due date for issue of TDS Certificate for tax deducted under section 194-IA/194-IB/194M/194S in the month of January 2026

30th March 2026

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/ 194-IB/194M/194S in the month of February 2026

31st March 2026

Form 3CEAD: Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Income-tax Act, 1961 (assuming reporting accounting year is April 1, 2024 to March 31, 2025).
Form 67: Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the Previous Year 2024-25 and of foreign tax deducted or paid on such income in Form No. 67.

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