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 STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: VAT Audit :: form 3cd
 
 
Indirect Tax »
 Register for GST, if you pay indirect, service tax
 Income tax raids on Uttar Pradesh bureaucrats on charges of tax evasion
 Only genuine farm income must be exempt from tax’
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?

Govt to appoint arbitrator in Vodafone tax case
July, 10th 2015

The government is close to appointing an arbitrator to replace R C Lahoti, who had declined to arbitrate on its behalf in the Rs 20,000 crore tax case with UK telecom major Vodafone.

"We are in the process of finalising a replacement for Justice Lahoti. We are waiting for a final nod from the minister for the government nominee on the panel," a senior official said.

The final call would be taken by minister of state for finance Jayant Sinha, he added.

The government had in June 2014 appointed former Chief Justice of India R C Lahoti as arbitrator in the tax dispute case. However, in May 2015 Lahoti recused himself from the arbitration process.

Vodafone has already named Yves Fortier of Canada as its nominee on the panel.

The government and Vodafone had earlier this year decided on the third arbitrator, who will act as chairman of the tribunal, for the case. However, Abdulqawi Ahmed Yusuf of the international court of justice declined to be part of the three-member panel.

After India finalizes on its nominee on the panel, both the arbitrators would scout for a neutral judge and only then the arbitration proceedings would start.

Following an international arbitration notice by Vodafone, the previous UPA government in May 2014 withdrew its conciliation offer to settle the tax dispute.

Earlier, the government had approved the conciliation with Vodafone in June 2013 in a bid to resolve the capital gains tax dispute.

While the basic tax demand was Rs 7,990 crore, the total outstanding, including interest and penalty, is estimated to have risen to Rs 20,000 crore.

The Supreme Court had ruled in Vodafone's favour in 2012, saying the company was not liable to pay any tax over the acquisition of assets in India from Hong Kong-based Hutchison.

The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgment and claim taxes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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