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 »
 Five ways to e-verify your ITR
 Notification No.93/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
 Now don’t forget to file your income tax return Paid TDS?
 National Financial Reporting Authority Rules, 2018
 Jindal Metal Co. Vs. Principal Commissioner Of Income Tax, Delhi-21
 Goods And Service Tax (Gst) Concept & Status As On 1st November, 2018
 Notification No. 91 /2018-Customs (N.T.) Central Board of Indirect Taxes and Customs
 Top 5 must-knows for education loan tax deduction
 Notification No.90/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
 The Central Goods And Services Tax (Amendment) Bill, 2018
 New Forms for making an application under section 197 and/or section 206C of the Income-tax Act, 1961

Bunge arm told to pay extra tax
January, 27th 2009

US-based edible oil seller Bunges Indian arm has been asked by income tax authorities to pay additional taxes on its Rs 550-crore
income, and the company may also face penalty for concealment of income.

The income tax department, which recently passed the assessment order on the company, said it had also altered the audited financials for preparing the transfer pricing report (TPR), prepared to ascertain the international income of the company. In the transfer pricing report, the company had altered the audited financials by removing the purchase and sale amount from their trading account, said a tax official with knowledge of the case.

Price Waterhouse is the financial advisor to the firm and represented the company before the tax officials in India. Going by the order of the assessing officer and the transfer pricing officer concerned, it is understood that the TPR was also prepared by PwC. However, when asked about the preparation of the transfer pricing report, PwC said it had not prepared the report for Bunge India.

For the transfer pricing purposes, the company had amended the audited accounts by excluding the cost of purchase for calculating the operating cost of merchanting activity.

The assessee (Bunge India) is not entitled to amend the basic structure of audited financials, pointed out the income tax department while passing an order on the issue.

Bunge Indiawhich has filed an appeal with higher authorities in this regard,chose not to reply to any query.
relating to the company.

Bunge group is an integrated global agribusiness and food company operating in the farm-to-consumer food chain. It is the worlds largest seller of bottled vegetable oil, the top supplier of edible oil in North America, largest producer and supplier of fertilisers in South America and leading producer of soybean and oilseed products.

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 Vision

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