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: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India
 
 
News Headlines »
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31
 Tax numbers belie slowdown: FM
 Income tax (1st Amendment) Rules, 2017
 Anti-avoidance tax rule to kick in from April 2017

Drags Income - Tax dept. to court
May, 01st 2009

Aditya Birla Nuvo has moved the Bombay High Court against the income tax department for sending it a notice that treats the company as an agent of the US telecom major AT&T. AT&T had sold about 16% stake in Idea Cellular to Aditya Birla Nuvo for about $150 million. The writ petition filed by the company is likely to come up for hearing next week.

AT&T did not pay tax on this transaction on grounds that the deal was routed through a company based in Mauritius with which India has signed a double tax avoidance treaty. Since AT&T had not paid capital gains tax on this transaction, by naming Aditya Birla Nuvo as an agent of AT&T, I-T has effectively shifted tax liability of the transaction to the latter.

The tax notice was issued to the company despite the fact it had secured a no objection certificate (NOC) from the income-tax department before making the payment to AT&T, the US.

I-T department had earlier sent a notice to Cingular, which had acquired AT&T . Experts on cross-border taxation viewed the notice to Cingular as a preliminary to bringing Aditya Birla Nuvo in the tax net.

The Aditya Birla Groups main contention against the department centres around NOC issued by the department and the latter going back on its word. However, according to the tax department, the NOC given to Aditya Birla Nuvo was at best provisional. An I-T source told ET that a provisional permission would not deter it from sending notices. The I-T departments view is that since it is not planning to raise tax from both the parties, they should decide among themselves, as to who would pay the tax.

Tata Industries, which had sold its shares to the Birla Group in 2006, was also sent a demand notice, following which it paid Rs 45 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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