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 RATES :: TDS :: form 3cd :: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment
 
 
Direct Tax »
 FinMin may review tax regime on long-term capital gains
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT

Central Board of Direct Taxes asks officials not to pursue Vodafone-type tax cases
February, 09th 2015


The Tax Department today asked its field officers not to pursue transfer pricing cases similar to Vodafone’s, a move being seen as a major relief to multinationals fighting such cases involving tax demands of thousands of crores of rupee.

Cairn Energy, Shell and IBM are among at least a dozen companies fighting transfer pricing cases in India.

Seeking to reassure global investors and reduce tax litigations, the Central Board of Direct Taxes (CBDT) has sent out instructions to all its divisions to adhere to the spirit of the Bombay High Court judgement in the Rs 3,200-crore Vodafone tax case in favour of the company.

Yesterday, the Cabinet had decided not to appeal against the court ruling which had set aside the tax demand on Vodafone.

“In view of the acceptance of the (Vodafone) judgement, it is directed that the ratio decidendi (or the reasoning) of the judgement must be adhered to by the field officers in all cases where this issue is involved,” CBDT said in the communication.

Scottish explorer Cairn Energy faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006 it transferred all its India assets to a new company, Cairn India, and got it listed on stock exchanges. However, no tax demand has been raised so far.

But the tax department had however barred it from selling its residual 9.8 per cent stake in Cairn India during pendency of the case.

The CBDT instruction stated that the Bombay High Court that held that the premium on share issue in case of Vodafone was on account of a capital account transaction and does not give rise to income and hence, not liable to transfer pricing adjustment.

The communication was sent to all Principal Chief Commissioners of Income Tax (CCsIT), Directorates General of Income Tax and CCsIT.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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