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 :: VAT RATES :: empanelment :: cpt :: form 3cd :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

Centre not to appeal Bombay High Court order in Vodafone tax case
January, 29th 2015

In a move aimed at improving the investment climate in the country, the Union Cabinet on Wednesday decided to not challenge a Bombay High Court ruling that said Vodafone was not liable to pay a tax demand of Rs 3,200 crore in a transfer pricing case.

The Cabinet also decided to not appeal against similar verdicts in other cases against taxpayers.

The decision follows Attorney-General Mukul Rohatgi’s advice to the Income Tax Department to not appeal against the high court judgement.

Briefing reporters after the meeting, Union Minister Ravi Shankar Prasad, said: “ It sends out the message to global investors whose confidence in India was shaken in the past. Prime Minister (Narendra) Modi wants it to be known that his government will take decisions that will be fair, transparent and within four corners of the law.”

The Bombay High Court on October 10, 2014 ruled against the Income Tax Department’s demand to the company to pay additional income tax alleging that it had undervalued its shares in subsidiary, Vodafone India Services, while transferring them to the parent company in Britain in the year 2010.

“The Cabinet decision will bring greater clarity and predictability for taxpayers as well as tax authorities, thereby facilitating tax compliance and reducing litigation on similar issues,” it said.

The release further said: “The Cabinet came to this view as this is a transaction on the capital account and there is no income to be chargeable to tax... So applying any pricing formula is irrelevant.”

The Bombay High Court had in October last year ruled against the Income Tax Department’s demand to Vodafone to pay additional income tax, alleging that it had undervalued its shares in subsidiary, Vodafone India Services, while transferring them to the parent company in Britain in the year 2010.

Reacting to the Cabinet decision, EY National Leader-Transfer Pricing, Vijay Iyer, said: “This is a bold step by the government. It is a huge change in approach and clearly shows their commitment to avoid frivolous litigation. Investors would feel more assured that absurd adjustments would not be encouraged by the government.”

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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