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: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: list of goods taxed at 4%
 
 
« General »
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall
 Tax exemption for ELSS will help broaden investor base, channel household savings

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