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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
  Income tax refund within 15 days? It is possible; Here’s what tax experts say
 Filed Your Income Tax Return (ITR)? 11 Days Left To Avoid Penalty Charges
 Big benefit likely soon for taxpayers Income tax returns (ITR) filing
 What if you make an error in your tax return?
 16 LPA-Opening Urgent Opening with BIG 4 Client for Statutory Audit
  When and how to revise tax returns
 How and why to check income tax return (ITR) status
 10 things you need to know about filing your Income Tax Returns
 Here’s what you should know Are you liable to pay advance tax?
 How new property tax law will affect you
 Zero income tax for women

CBDT-Vodafone set for epic corp tax battle
January, 28th 2008

January 28th is D-Day for both Vodafone and the Income Tax Department - when the Bombay High Court could rule whether Vodafone should be taxed USD 2 billion on the deal that it struck to buy Hutch. But Chairman of the Central Board of Direct Taxes or the CBDT is stepping up the pressure. CNBC-TV18s Arun Giri and Harsha Subramaniam have this exclusive report.

With just a few days before the Bombay High Court hearing in the high profile USD 2 billion Vodafone tax case, the tax department has come out all guns blazing. The CBDT accepts that Hutch did not sell the stake in the Indian company directly to Vodafone.

But the Department says even though shares of a Cayman Island Company were sold, it resulted in change in ownership of the Indian company - Hutchison Essar.

R Prasad, Chairman, CBDT, said, "Interest in the company has changed, though share transaction may have happened outside."

The stakes are high for the Tax Department. A favourable order would allow the department to open many more such cases. The department has already sent notice to Genpact and also Tata Industries for the AT&T deal. These deals were quite similar to the Hutch - Vodafone transaction.

And the CBDT Chairman admits that the High court order could set a landmark precedent in dozens of similar cases.

R Prasad said, International tax is a grey area - both for the department and the consultants."

The action shifts to the courtroom next week where a division bench will decide on the largest ever, corporate tax litigation.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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