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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 2016 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