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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: VAT RATES :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Supreme Court admits tax appeal against Vodafone
May, 14th 2016

The Supreme Court on Friday admitted an appeal by the Income Tax Department against a Bombay High Court order rejecting its demand to raise tax on Vodafone for a Rs 8,500-crore deal with Hutchison.

The bench, presided over by Justice Anil Dave, issued a notice to the company.

The Bombay High Court had in April set aside an order of the Income Tax Appellate Tribunal, which had ruled the tax department had the power to raise a tax demand on Vodafone over the sale of its call centre business to Hutchison Whampoa Properties in 2007-08 and assignment of a call option to Vodafone.

The high court had held that surrender of option rights was not a transfer under the Income Tax Act. The question involved was the taxability of capital gains arising from the surrender of call option rights, revenue authorities said. The ruling could affect several other cases involving Shell, IBM and Nokia.

This case is different from another one in which the Central Board of Direct Taxes had decided not to appeal against a high court ruling, rejecting a claim that Vodafone priced the shares of its stakes in its Indian companies sold to other arms of Vodafone in a manner that would avoid taxes.

The apex court is not likely to take up the case this month because it is closing for the summer vacation and will re-open at the end of June.

Amit Maheshwari, managing partner of Ashok Maheshwary and Associates, said the move by the tax department would dampen investor sentiment. "Foreign investors are not seeing big names like Vodafone and Cairn getting a reprieve from litigation," he said.

Finance Minister Arun Jaitley had said in New York recently the case had nothing to do with retrospective tax and no company was immune from paying taxes. He had said important questions of law went to the Supreme Court.

Vodafone is embroiled in arbitration with the government over a retrospective amendment to the Income Tax Act. The latest budget had offered the company the option to come out of arbitration and pay tax without interest and penalty.

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

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