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 :: VAT Audit :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
From the Courts »
 The Principal Commissioner Of Income Tax-4 Vs. Inter Globe Technology Quotient Pvt. Ltd.
 Akum Drugs And Pharmaceuticals Limited Through: Director Shri. Sanjeev Jain Vs. Income Tax Officer, Ward-2(1) & Anr.
 Pr. Commissioner Of Income Tax Central-2 New Delhi Vs. Meeta Gutgutia Prop. M/s Ferns „n? Petals
 Prabhatam Investment Pvt. Ltd vs. ACIT (ITAT Delhi)
 CIT vs. Laxman Industrial Resources Pvt.Ltd (Delhi High Court)
  State Of Jharkhand vs. Lalu Prasad Yadav (Supreme Court)
 CIT vs. Krishan K. Aggarwal (Supreme Court)
 Ambuja Cements Ltd. Vs. Commissioner, Service Tax Commissionerate, Delhi
 Director Of Income Tax (Exemptions) Vs. Vishwa Hindu Parishad
 ITAT Proposes Important Changes To Tribunal Rules
 Meherjee Cassinath Holdings Pvt. Ltd vs. ACIT (ITAT Mumbai)

Vodafone, Indian government to finish arguing case by Wednesday
July, 07th 2008

Vodafone International Holdings BV and the Indian government will have to finish arguing their case in the Bombay High Court by Wednesday, a lawyer for Vodafone said Friday.

Vodafone International, which is a Dutch firm owned by U.K.'s Vodafone Group PLC (VOD.LN), has been arguing against the Indian state's move to tax the telecom company up to $2 billion as capital gains on its purchase of Hutchison Essar Ltd. since June 23, saying it was being made liable for taxation despite it being the buyer and not the seller in the transaction.

The development is likely to result in a sooner-than-expected judgment on the case, which is being closely watched as it could set the benchmark for foreign investments in India.

"It is a good development. The idea is that both the parties will have to finish their respective arguments in three days (Monday to Wednesday)," Hitesh S. Jain, a partner with ALMT Legal, lawyers to Vodafone, told Dow Jones Newswires.

Vodafone International said since it has paid $11 billion to CPG Ltd., owned by Hutchison Telecommunications International Ltd. (HTX) and registered in the Cayman Islands, Vodafone isn't liable to be taxed in India as the deal took place on foreign land.

Hutchison Telecommunications is the mobile-phone services unit of Hong Kong-based Hutchison Whampoa Ltd. (0013.HK). Hutchison Essar was renamed Vodafone Essar Ltd. after the stake sale.

The Indian income-tax department's contention is that Vodafone should be liable to pay the tax as the transaction involved the transfer of an Indian asset, in this case, the Hutchison Essar stake.

The tax body also contends that Vodafone should have withheld tax on behalf of the Indian government.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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