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INDIA'S INCOME TAX AUTHORITIES
March, 03rd 2009

India's Income Tax Department will look into the ensuing tax liabilities following merger of two Mukesh Ambani Group companies Reliance Industries (BSE:500325) and Reliance Petroleum (BSE:532743).

"The issue is that if a tax entity should be given benefits under Section 10AA (dealing with export benefits) as a merged entity or a standalone unit," said a senior tax official in the income tax department.

When contacted, a spokesperson of the Central Board of Direct Taxes (CBDT) declined to comment.

The department, the IT official said, would look into the case as it deals with SEZ (Special Economic Zone) tax benefits of two entities, expiring on different dates.

In the case of Reliance Industries, its SEZ project gets tax benefit under section 10AA of the Income Tax Act which is slated to expire in 2010. As regards the RPL, similar benefits will continue for five more years, the official said.

The government, he said, would come out with a clarification on tax liabilities of the merged entity.

Earlier in the day, the Board of Directors of Reliance Industries and its refinery subsidiary RPL approved the merger of the two firms in an all-share transaction deal valued at an estimate Rs 85 billion (US$1.63778).

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