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
« General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

Income tax slaps notice on Cadbury, Kraft; seeks takeover details
February, 01st 2011

The income-tax department has served a notice on Cadbury India and its overseas parent, Kraft Foods Inc , seeking details of its $19-billion global takeover of Cadbury last year. The notice follows a directive from the finance ministry after a public interest petition was filed in the Delhi High Court in 2010 claiming that Kraft had completely and illegally avoided tax liabilities related to the sale of shares and capital assets in India.

The move is the latest in a series of efforts by the Indian revenue department to tax overseas deals, the most famous being the Vodafone deal.

I-T officials confirmed the development. An enquiry is on and we are in the process of collecting the details of the transaction, a senior official said.

A Kraft Foods spokesperson sought to play down the significance of the notice.

The court has not granted any relief to the petitioner and has instead suggested to the petitioner to file a representation with the government and the Indian tax authorities to take appropriate steps to respond to the queries raised.

Kraft Foods is fully committed to complying with the Indian law and is responding to queries raised by the Indian tax authorities. Senior officials close to the development said the India business is a very small part of the overall global acquisition of Cadbury Plc UK shares by Kraft Foods.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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