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: VAT Audit :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD
« News Headlines »
 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
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

Ranbaxy to move HC against tax tribunal order
February, 22nd 2008
Pharma major Ranbaxy Laboratories has said it will move the Delhi High Court against the Income Tax Appellate Tribunal's order which will subject the company's cross-border transactions to scrutiny by the Transfer Pricing Officer.

Contrary to reports that the ITAT had established under- assessment of income to the tune of Rs 224.5 crore during 2004-05, the issue relates to procedural aspects of assessment - whether the transactions have to be screened by the Transfer Pricing Offer or the Assessing Officer, Ranbaxy said.

Asked about the impact of the ITAT order, the company spokesperson said: "The appeal relates to the procedure to be followed by the Income Tax Department for determination of Transfer Pricing.

"The Income Tax Appellate Tribunal has upheld the Commissioner's view that following due procedure, the matter should have been referred by the Assessing Officer to the Transfer Pricing Officer. Ranbaxy is appealing this judgement in the Delhi High Court."

There would be "no additional tax demand for the assessment year 2004-05... therefore there is no impact on the current or future earnings of Ranbaxy," he clarified.

The transfer pricing regulations require that goods and services sold to associated enterprises should be valued at Arms' Length Price (ALP), a price which the company would charge from an unrelated entity.

Also, the companies are expected to adopt the most appropriate method prescribed by the Income Tax Act and the rules while assigning values to the goods sold to overseas AEs.
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 Experience

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