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 :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: cpt :: due date for vat payment
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

Tax case: SC asks Nokia to sumbit valuation of Indian asset
March, 14th 2014

The Supreme Court today said that it wants to find some sort of an amicable solution that is acceptable to both Nokia and the Income Tax (I-T) department and that it wants to protect the interests of both the parties.

For this, Nokia has been asked to submit a report of valuation of its India entities because the Supreme Court wants to make sure that even after the Microsoft deal goes through, there is sufficient amount that can secure the interests of the I-T department. Once Nokia comes back with the valuations, an upfront amount they said approximately would be in the range of Rs 2700-3000 crore for its India operations, a view is going to be taken up by the Supreme Court.

The I-T department reiterated that there is at least tax liability of Rs 10000 crore against Nokia and that the company must be asked to submit a bank guarantee and not just an undertaking.

It also wanted Nokia Finland to submit an assurance. To which the Supreme Court said that Nokia Finland, which is a holding company cannot be forced to protect the interest of the subsidiary.

The apex court also pointed out that Rs 3500 crore, which was paid by Nokia India to Nokia Finland by way of dividends cannot be brought back simply because it is the right of the subsidiary to pay dividend to the holding company.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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