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: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS
 
 
ę News Headlines »
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps

Vodafone challenges courts tax ruling in SC
September, 15th 2010

Vodafone Group has filed an appeal with the Indian Supreme Court challenging a recent decision of the Bombay High Court which said that it had to pay tax on a transaction in which Hong Kong-based Hutchison had sold an equity stake in an Indian telecom company to it.

The appeal challenges the recent High Court judgement on the issue of jurisdiction. Vodafone remains convinced that there is no tax to pay on the Hutchison transaction and we will continue to defend this position vigorously, said a statement issued by the company. Just a week ago, the Bombay High Court ruled that the Indian tax authority had jurisdiction to tax Vodafones $11 billion purchase of controlling interest in Vodafone Essar, then known as Hutchison Essar.

The Income Tax Department had issued a show cause notice to Vodafone in 2007, saying that it should have withheld tax when it cleared payments to Hutchison. The UK-based global telecom giant subsequently filed a petition against this in Mumbai.

The case was heard in 2008, and in December that year, the High court dismissed Vodafones petition. The company then appealed this in the Supreme Court, that sent the matter back to High Court to establish whether the Indian tax department has jurisdiction on the transaction.

Senior lawyer, Harish Salve, who was representing Vodafone had said at the time of the most recent Bombay High Court ruling, that the company would file an appeal soon. The estimated tax liability on the transaction is $2 billion. While the High Court judgement that said there was jurisdiction because at least part of the transaction has direct linkage to India, it did not specify the amount of tax due.

Vodafone argues that the transaction took place overseas, through arms set up in tax havens. Besides, the existing tax norms do not say that such transactions are taxable, unlike the Direct Tax Code that will come into effect from April 2012. Therefore, the company says it should be exempted of tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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