had relied on the Indo-French treaty to defend its position that the gains are not taxable in India. Sanofi had argued that there was no alienation in shares of the Indian company.
* French drug multinational Sanofi is liable to pay tax in France for the R3,800-crore Shantha Biotech deal
* The HC ruled Sanofi won’t have to pay tax in India thanks to the protection afforded by the Indo-French tax treaty
* Indian tax authorities had asked Sanofi to pay over Rs.650 crore as capital gains tax for the 2009 deal
* Ruling has positive implications for at least a couple of similar cross-border deals, including SAB Miller