29/11/13 10:20 pm
| Log In | Join |
Like
1.4m
Follow
Telecom
New
Home
News
Markets
IPO
Personal Finance
News By Company
Mutual Funds
Economy
Tech
Jobs
Opinion
Features
Blogs
Slideshows
ET NOW ET Speed
PSU Press Releases
0
Top News
International Business
Emerging Businesses
Cons. Products
Energy
Ind'l Goods/Svs
Healthcare/Biotech
Jobs
Services
Media/Entertainment
ET Cetera
Telecom
Transportation 3
Education
Market Watch
04:00 PM | 29 Nov
SENSEX
NIFTY
USD/INR
20,791.93
257.02
6,176.10
84.25
30,192.0
33.0
62.44
0.02
VIEW MARKET
DASHBOARD
0
Share
Hi there, Login with your Facebook ID to see what your friends are reading on Times of India and Economic Times.
Bombay High Court refers Vodafone share sale dispute to tax panel
By Maulik Vyas, ET Bureau | 29 Nov, 2013, 07.10PM IST
2 comments | Post a Comment
2
Share Share More
READ MORE ON Vodafone Group Plc | Tax | Hutchison Whampoa | Dispute Resolution Panel | Bombay high court
RELATED VIDEO
2 Post Your Comment
Retail Razzmatazz
MUMBAI: The Bombay High Court has directed British telecom giant Vodafone Realty Trends: Buzz in the sector Personal Finance: Things to know! Plc's Indian subsidiary to approach the Dispute Resolution Panel (DRP) with its petition against the Income Tax department's demand of Rs 1,300 crore. The court has given Vodafone two weeks to file its petition before the panel.
Power of Ideas
On Friday, the division bench comprising Chief Justice Mohit Shah and Justice MS GAP to come to India with Lodha Group buys property in Mis-sold insurance policy? Sanklecha disposing the petition filedwhat you can do Arvind Brands? London for Rswhile 3,120cr Heres Entering India may help the company claw The property known as McDonald House is Complaints from life insurance policyholders by Vodafone India Services (VISPL) back some of the ground it has lost to a stones throw from Buckingham about unfair business practice by directed DRP to give its Palace ruling within two Inditex, which dislodged Gap as the world's and will be converted into super-luxury companies have grown by over 67% in months of filing of the appeal.
largest clothing retailer. residences. 2012-13. IKEA looks to scale up furniture sourcing from India Indias top eight retailers say card payments on the rise
customers a month, also does b an additional fee. For them, the online services is endless.
Milestone Capital to raise Rs 500cr real How you can ease your parents financial Google launches Google Par Meanwhile, estate fund in Jan the court will hear the petition burden build ecosystem The Bombay HC told Vodafone to submit its objections to a tax Slump leaves many a hotel room empty; Lower EMIs on to car loans, processing fee After Facebook, Google sets filed by the Anglo Dutch oil major Shell claim the tax authorities' Dispute Resolution Panel. recovery only after polls waived to lure buyers portal in India
Plc's Indian subsidiary on December 11, where the Indian entity is facing a tax liability of about Rs 15,000 crore on similar grounds.
ET SPECIAL:
Save precious time tracking your investments
Most Read
Most Shared
Most Commented
Now Aadhaar link mandatory for card transacti... Delhi elections: AAP leader Arvind Kejriwal m... Gold price-fixing scandal: UK's FCA scrutinis... How steel can become the next oil for India Young B-School graduates give up dream jobs, ...
"The petitioner (Vodafone India) feels harassed because no opportunity was given to the company by revenue authorities," observed the division bench and said that the DRP will consider preliminary applicability of Chapter X (relating to the Transfer Pricing provisions) within 2 months. "The petitioner can approach court back if they have still any reservations." Income Tax department raised a red flag when Vodafone India issued shares to its Mauritius affiliate for Rs 246 crore at a fair market value of Rs 8,519 a share, for a transaction made during the assessment year 2008-09.
http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-share-sale-dispute-to-tax-panel/articleshow/26589492.cms
Page 1 of 4
Bombay High Court refers Vodafone share sale dispute to tax panel - The Economic Times
More
29/11/13 10:20 pm
News in Pics
1/20
The tax department claimed that the fair market value was Rs 53, 775 a share. The differential amount is being sought to be taxed by the department as income in the hands of the company. "The court passed remarks on the manner in which tax proceedings took place" said Close X Dinesh Kanabar, Deputy CEO, KPMG India. "This is a very satisfactory ruling as court the has directed DRP to consider the preliminary matters on the basis of merits and a specific deadline has been set to deliver the Order. Vodafone has been given the liberty to Stay updated with latest news in telecom sector approach the Court thereafter, if needed," Kanabar added. Loading...
with our daily newsletter.Read what 10,000+ Industry Leaders everyday for tax free The DRP was set up in read 2009 to deal with income related transfer pricing disputes. It
Your email
was largely meant to sort out tax assessments of foreign firms. The transfer pricing is the Subscribe practice of arm's length pricing for transaction between group companies to ensure that a Invalid Emailis levied. fair price Thank you for subscribing to retail newsletter. We have sent a mail just "Prima facie, theyour share capital orby premium for of shares by an Indian now. Please conrm subscription clicking received on the link inissue the mail. company should be considered a capital receipt and not taxable in India," says Ravishankar Raghavan, Principal -Tax Group, at corporate law firm Majmudar & Partners. "What the tax department is trying to do is to bring that transaction into the transfer pricing ambit as an international transaction which includes capital financing, thereby making a transfer pricing adjustment." Transfer pricing provisions in a cross border transaction will not apply unless there is an 'income' which is arising in such transaction between two related enterprises where at least one of whom is a non-resident.
Rakhi Sawant says Baba Ramdev is hot and sexy
"It will be interesting to wait for the finding of the DRP on whether the subscription to the share capital of the Vodafone Group entity in India resulted in any notional 'income' in the hands of the Indian entity," said Sanjay Sanghvi, Partner, Khaitan & Co.
If Homi Bhabha was honoured with Bharat Ratna, he wouldn't have left the!
17 Nov 2013
Delhi polls: AAP leader Prashant Bhushan's tea garden land buy raises storm 24 Nov 2013 Woman journalist quits Tehelka, blasts Shoma Chaudhary, Tarun Tejpal in! 26
Nov 2013
Big Data is Yesterdays News Integration Has Become Big Data 2.0 The
TIBCO Blog
Recommended by
PREVIOUS STORY
NEXT STORY
Bombay High Court refers Vodafone share sale dispute to tax panel - The Economic Times
29/11/13 10:20 pm
Your comment
Shocker - 1000 rupee note worth 3 and a half lakh online (slideshow)
Bring the dispute to a closure sooner than latter so that the perception of investors change from negative to positive.The retrospective law is tantamount to changing the rule after the game is over.If the laws have loop holes,all will take advantage and instead of blaming the author of the law,why penalize who had used for his advantage.
INFOCUS ON ET TODAY
TOP STORIES
Internal tensions: CFO and CIO exit from Tata AIA Life
PERSONAL TECHNOLOGY
http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-share-sale-dispute-to-tax-panel/articleshow/26589492.cms
Page 3 of 4
Bombay High Court refers Vodafone share sale dispute to tax panel - The Economic Times
29/11/13 10:20 pm
ET review: HP Chromebook 14
Review: Nokia, HTC offer good, giant choices with Lumia 1520 and One Max
EMERGING ENTERPRISE
Indian entrepreneur Suresh Shankar launches Big Data site in Singapore Get a Quote
Type Company Name
Get Quote
Browse Companies
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z | 1 2 3 4 5 6 7 8 9
Home | News | Markets | Personal Finance | Mutual Funds | Infotech | Jobs | Opinion | Features | Videos | My Portfolio | Budget 2013
Live Market
News
Portfolio
Mobile
Live TV
Newsletter
Commodities
Speed
QnA
Blogs
Alerts
Services
Book print ads | Online shopping | Free SMS | Website design | CRM | Tenders Matrimonial | Ringtones | Astrology | Jobs | Property | Buy car | Bikes in India Used Cars | Online Deals | Restaurants in Delhi | Movie Show Timings in Mumbai Remit to India | Buy Mobiles | Listen Songs
Networking
itimes | Dating & Chat | Email MensXP.com
About us / Advertise with us / Terms of Use and Grievance Redressal Policy / Privacy Policy / Feedback / Sitemap / Code of Ethics
http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-share-sale-dispute-to-tax-panel/articleshow/26589492.cms
Page 4 of 4