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: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: due date for vat payment :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Indirect Tax »
 How it affects long-term capital gains tax calculations
 Should you opt for 'consultant' status to lower tax outgo?
 Income Tax department to issue ‘non-statutory’ letters in case of no reply
 E-commerce majors seek removal of tax at source on sellers
 New direct tax regime would benefit state
 Indirect tax collections increase by 16.9 per cent in January
 Tax officers to file self-appraisal report on e-assessment
 How are you saving tax this season? 10 funds saved tax & delivered 30% returns too
 Increase in taxpayer base will help bring down tax rate, says Arun Jaitley
 There is inconsistency in filing income tax, says CBDT Chairman
 Data analytics to help income tax dept catch evaders

Delhi High Court seeks government's reply on Cairn's plea against tax demand
April, 19th 2016

The Delhi High Court today sought government's response on a plea challenging Rs 20,495 crore tax demand slapped on Cairn India by the Income Tax Department for allegedly failing to pay taxes on gains made by its former parent firm in a share transfer transaction eight years ago.

A bench of Justices Badar Durrez Ahmed and Sanjeev Sachdeva also issued notice to the concerned ministry seeking its reply by August 4 on Cairn India Ltd's (CIL) plea against the IT department's demand.

Cairn has challenged the demand on the ground that there has been "unreasonable and atrocious" delay on part of the authorities who exercised their power "unreasonably" while making the demand.

During a brief hearing, Cairn, represented by senior advocate Harish Salve, told the court they were consulting the government on Rs 20,495 crore tax demand to resolve the issue.

"The central government has announced about settlement of retrospective tax cases during 2016 Budget," Salve said.

"We are considering the government's settlement proposal," he said, adding "as of now there is no outcome".

The government in this year's budget had offered one-time settlement of cases emanating from retrospective amendment of tax laws, by asking companies to pay the basic tax demand and get a waiver for interest and penalty.

Cairn has sought quashing of the IT department's demand order saying the proceedings were initiated after a lapse of over six years from the end of the 2006-07 financial year.

It said the courts have held that such proceedings should be initiated within a reasonable period of four years.

It also said it had in 2006 carried out an internal group reorganisation through 100 per cent share swaps, to facilitate initial public offer of CIL, and there would be no capital gains in such a process.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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