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: empanelment :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

Tata Industries pays Rs 45-cr to the I-T dept for AT&T stake
May, 12th 2008

Tata Industries, which was served a Rs 45-crore tax demand notice by the Income Tax Department for purchasing a Rs 660-crore stake from AT&T, on Saturday said it has paid the demanded amount.

The company said it now planned to take legal recourse. "The I-T department has raised a demand notice on Tata Industries Limited. Although Tata Industries has paid the demanded amount, it is pursuing remedial legal action available and applicable as per the law of the land," a company spokesperson said.

The I-T department had raised the tax demand for the stake purchase in September 2005.

The Aditya Birla group, Tata Group and AT&T Cellular Services Mauritius Pvt Ltd had stakes in Idea Cellular, before TIL acquired AT&T shares in September 2005. AT&T Cellular Mauritius was held by two US companies, Cingular Wireless Services Inc and MMM Holding LLC.

AT&T had offered its shares to the Birlas and Tatas equally at the time of its exit from the company. TIL acquired the shares of AT&T Cellular Services Mauritius Pvt Ltd through an agreement with the two companies.

After AT&T sold its shares to Tata Industries, the Income Tax department initiated a probe into the deal. It treated the transaction as one between an Indian company and the US.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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