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: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: cpt :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
« News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Vodafone I-T case put off till December 11
November, 03rd 2007
The Bombay High Court on Wednesday made an observation on the ongoing debate over whether income-tax authorities are right in demanding capital gains tax on the recently concluded $10-billion sale of Hutch Essar to telecom major Vodafone.

A Division Bench of Justices FI Rebello and JP Deodhar adjourned the hearing on the petition to December 11 and directed that till the courts further directions, the I-T department will not pass any order against the company. The Bench, however, said the deal, as claimed by Vodafone International, is not a simple case of transfer of shares of a foreign company. The court said sale of shares was with the approval of FIPB, which is subject to compliance with Indian laws and regulations, including tax laws.

The observation that it is not a simple case of a transfer of shares of foreign company is viewed by tax professionals and tax officers as critical. The telecom majors involved in the deal always maintained that the Indian I-T authorities have no locus standi in this deal because the deal was between foreign entities.

The court made the observation during the hearing of the petition filed by Vodafone International, Netherlands, against whom the income-tax department sent a notice for failure to deduct tax while making payment to Hutchison Telecom International for acquiring 67% stake in Vodafone Essar.

I-T authorities sent notices to Hutch Essar and Hutchison International asking them to file income-tax returns and pay capital gain tax on the $10-billion deal.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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