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: cpt :: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment
 
 
General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

Judicial inertia to avoid paying tax prompted tax administration to introduce GAAR
December, 13th 2012

Judicial inertia on matters such as indirect transfer of Indian assets to avoid paying tax here has paved the way for the introduction of General Anti-Avoidance Rules (GAAR) by the tax administration.

Vodafone was one such example, according to Pramod Kumar, member, income-tax appellate tribunal ( ITAT), who told a congregation of tax experts that what looked like the transfer of one share in an obscure Cayman Islands-based company was undisputedly the transfer of Vodafone's entire business in India.

"Vodafone may have won the battle in court, but what about the hundreds of similar transfers currently under the taxman's lens?" asked Kumar at the recently-concluded international tax conference even as the Prime Minister's Office ( PMO) is fine tuning GAAR - the controversial set of tax laws governing transactions like Vodafone's purchase of stake in Hutchison International, the erstwhile parent of Indian telecom company Hutchison-Essar.

GAAR, for the uninitiated, is a set of laws to check tax evasion by a series of seemingly legal transactions, but undertaken exclusively for the purpose of evading tax. For speakers like Kumar, the need for GAAR would not have arisen at all, if the judiciary had been consistent in its treatment of "substance over form".

Substance is the reason for undertaking a transaction, which could be for commercial reasons or simply to avoid tax. Substance over form implies the taxman's attention to why a transaction has taken place rather than what it is being made to look like.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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