Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: VAT Audit :: form 3cd :: cpt :: empanelment :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
Indirect Tax »
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre

Income Tax Department set for another round in Supreme Court
October, 19th 2012

Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.

The department has challenged in the Supreme Court a Gujarat High Court order, which ratified the company's plan to transfer passive infrastructure assets worth Rs 15,000 crore from Vodafone Essar Gujarat Ltd and six other associate companies to group firm Vodafone Essar Infrastructure Ltd.

It claims the scheme was intended to avoid capital gains tax worth Rs 3,500 crore and stamp duty worth Rs 600 crore, a charge Vodafone strongly denies. Passive infrastructure assets include mobile communication towers and other related physical equipment.

The department says a direct transfer of these assets would have attracted the Central sales tax or the state value-added tax and capital gains tax, besides other provision of the Income Tax Act of 1961.

Vodafone, however, claims the scheme, cleared by its board of directors, was aimed at separating its telecom business from other businesses, reducing costs and incentivising infrastructure sharing.

With the apex court set to hear the case, Vodafone is banking on precedents involving rivals Idea, Reliance Telecom and Bharti AirtelBSE -0.79 %, which were allowed by high courts to hive off their passive assets.

In January, the Supreme Court had set aside a Bombay High Court judgement asking Vodafone to pay income tax of Rs 11,000 crore on acquisition of Indian mobile assets in 2007. The court also directed the tax department to return Rs 2,500 crore deposited by Vodafone in compliance with its interim order within two months.

To circumvent the ruling, the government amended the Income Tax Act retrospectively from 1962, giving the department powers to scrutinise offshore merger and acquisition deals.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions