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: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India
 
 
« Service Tax »
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today
 Applicability Of Gst Law On Educational Institutions
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
 Cabinet approves supporting GST legislations ahead of 1 July roll-out

Tax row: IT Department rejects Nokia India's offer to pay Rs 2,250 crore
December, 03rd 2013

The Income Tax (IT) Department today told the Delhi High Court that the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore to it, out of the company's total tax liability of nearly Rs 6,500 crore, is not acceptable.

Nokia India, however, stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it. A bench of justices Sanjiv Khanna and Sanjeev Sachdeva observed "you (Nokia) are offering nothing".

To this, senior advocate Harish Salve, appearing for Nokia, said "we are not in a position to offer more" and added that Rs 2,250 crore is minimum depending upon the outcome of its deal with Microsoft.

Earlier, the mobile handset-maker firm had sought lifting of a stay on transfer of its assets in India saying the court's injunction will jeopardize the sale of its Indian arm to Microsoft under the USD 7.2 billion global deal.

The bench listed the matter for December 9 when Nokia has to give details of its assets and liabilities as well as how much tax it has paid here.

The bench also questioned Nokia India's intention behind sending Rs 3,500 crore to its parent company as dividend of 18 years and asked why the amount should not be brought back here.

The bench made the observation after Nokia said it is exiting the mobile manufacturing business, globally, irrespective of whether its plant in India is sold. The bench said that earlier Nokia had said it will continue manufacturing of mobiles here and now it is saying its unit in India will be wound up eventually.

"Why did you transfer Rs 3,500 crore abroad? Was it not your intention not to keep liquid assets here? You had Rs 4,100 crore cash here (dividend and tax combined). You repatriate it.

"When they (IT department) attach your bank accounts, you come here. That time you were categorical that manufacturing (here) will go on. Now, there is a change in your stand. So shouldn't the amount (that was repatriated) be brought back to India?" the bench said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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