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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
From the Courts »
 Meta Plast Engineering P. Ltd. vs. ITO (ITAT Delhi)
 Shantivijay Jewels Ltd vs. DCIT (ITAT Mumbai)
  Amod Shivlal Shah vs. ACIT (ITAT Mumbai)
 The Shri Saibaba Sansthan Trust (Shirdi) vs. UOI (Bombay High Court)
  Pr CIT vs. JWC Logistics Park Pvt. Ltd (Bombay High Court)
 ITO (Exemptions) vs. Chandigarh Lawn Tennis Association (ITAT Chandigarh)
 Amod Shivlal Shah vs. ACIT (ITAT Mumbai)
 Indian Express Newspapers (Bombay) Private Ltd vs. IAC (Bombay High Court)
 Pr CIT vs. JWC Logistics Park Pvt. Ltd (Bombay High Court)
  The Director, Prasar Bharati vs. CIT (Supreme Court)
 Skylight Hospitality LLP vs. ACIT (Supreme Court)

HC reserves order on Vodafone capital gains tax issue
July, 09th 2008

The Bombay High Court on Wednesday reserved its order on the dispute between the Income Tax Department and Vodafone over capital gains tax to the tune of around $2 billion, arising out of the telecom major's acquisition of Hutchisson-Essar in 2006.

The division bench of Justices S Radhakrishnan and Anand Nirgude has asked Vodafone and the Income Tax Department to submit their written arguments in the matter within one week.

Vodafone is contesting IT Department's notice for capital gains tax to the tune of around $2 billion saying that transfer of shares between two foreign companies was not taxable in India.

Vodafone International (a Dutch company) picked up Hutchisson's (based in Cayman Islands) 66 per cent stake in Hutchisson-Essar to form the Vodafone-Essar here in $ 11.2 billion deal in 2006.

But IT Department has argued that Vodafone is chargeable for capital gains tax as the asset in question is in India even if the transfer of stakes took place between two foreign companies.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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