India Business News: The ITAT Mumbai bench has upheld the exemption of long-term capital gains on the sale of equity shares of an Indian company by Comstar-Mauritius. The shares were acquired prior to April 1, 2017, and the Mauritius entity had a valid tax residency certificate. The decision overturns the revisionary order passed by the Commissioner of Income-tax (Appeals).
The National Company Law Tribunal has deferred the hearing on the proposed Zee-Sony merger to June 26. The merger is aimed at creating a $10 billion media giant with the financial muscle to challenge online streaming platforms such as Netflix and Amazon in India.
In September 2021, Sony Pictures Networks India and ZEEL entered into a non-binding term sheet to bring together their linear networks, digital assets, production operations and programme libraries.