Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: ACCOUNTING STANDARD :: cpt :: list of goods taxed at 4% :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India
 
 
From the Courts »
 M/s Fiberfill Engineers Vs. Deputy Commissioner Of Income Tax
 Commissioner Of Income Tax, Del Vs. Mrs. Tara Sinha
 Unitech Wireless (Tamil Nadu) Pvt. Ltd. Vs. Principal Commissioner Of Income Tax, New Delhi & Ors.
 Pr. Commissioner Of Income Tax – 3 Vs. Delhi State Industrial Infrastructure Development Corp. Ltd.
 CIT vs. D. K. Garg (Delhi High Court)
 The Citizens Cooperative Society Ltd vs. ACIT (Supreme Court)
 Digipro Import & Export Pvt. Ltd vs. UOI (Delhi High Court)
  CIT vs. Hindustan Petroleum Corporation Ltd (Supreme Court)
  DCIT vs. Hita Land Private Limited (ITAT Mumbai)
 GTC Industries Limited vs. ACIT (ITAT Mumbai) (Special Bench)
 Premlata Purshottam Paldiwal vs. CIT (Bombay High Court)

Nothing new about retrospective tax, courts have upheld them: Govt
April, 04th 2012

The government has defended its budget proposal to retrospectively tax cross-border share sales, saying that retrospective taxation was nothing new and had been experimented with earlier. Such decisions to levy taxes with retrospective effect had also been upheld by the courts.

"These are difficult decisions. I am sure that the finance minister would have thought deeply while proposing retrospective tax. Such decisions are not new. We have earlier experimented with such decisions and these have been upheld by the high courts and the Supreme Court," law minister Salman Khurshid told on Tuesday.

When asked to comment on the intervention by visiting British chancellor of the exchequer George Osborne and Vodafone CEO Vittorio Colao's warning that "arbitrary and punitive retrospective treatment" would hit India's image as an investment destination, Khurshid insisted that the finance minister would have thoroughly thought out such repercussions before deciding to propose the retrospective tax clause in the Union budget 2012-13.

"In terms of action and response (to the concerns raised by Osborne and Vodafone), you should really be asking the finance minister," he added.

Khurshid's stout defence of retrospective changes in the tax laws relating to cross-border share sales, which allow the government to override the Supreme Court's January order clearing Vodafone of any tax liability for its deal with Hutchison, comes a day after Osborne said, "the UK has an interest in (Indian) tax regime being predictable and welcoming of investment."

Colao, in a letter to Prime Minister Manmohan Singh, had said, "arbitrary and punitive retrospective treatment of one of India's most prominent long-term foreign investors by tax authorities could only tarnish the image of India as a destination for inward investment," he warned in his letter dated March 26.

Countering the government's argument that budget proposal was 'clarificatory', Colao wrote: "Were they to do so prospectively, we and other investors would be able to plan our affairs for the future with confidence.

But the bill contains extraordinary retrospective changes that are not 'clarifications', but substantive changes to settled law as it has been applied for 50 years and as determined by the Supreme Court."

The issue concerns the finance ministry's determination to ask Vodafone to pay around $2.3 billion in capital gains tax on a 2007 transaction that involved the purchase of a controlling 67% stake in Indian telecom company Hutch Essar from a company controlled by Hong Kong-based conglomerate

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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