"21 December 2008" Archive

Vodafone International Holdings B.V. Versus Union of India (Bombay High Court)

Vodafone International Holdings B.V., Vs Union of India (Bombay High Court)

The very purpose of entering into agreements between the two foreigners is to acquire the controlling interest which one foreign company held in the Indian company, by other foreign company. This being the dominant purpose of the transaction, the transaction would certainly be subject to municipal laws of India, including the Indian Incom...

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MVAT E-Filing of Returns Made Applicable to All Dealers

Mandatory E-filing of Returns is applicable for Registered Dealers to whom the Explanation to clause (8) of Section 2 applies and whose tax liability during the previous year was rupees one crore or less, in respect of the period starting on or after 1st April, 2008....

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Posted Under: Income Tax |

Satyam's Buyback Plan is a Ploy to Take Away Funds

Ramalinga Raju’s problems just don’t seem to end. After the unprecedented furore over Satyam Computers’ aborted plan to buy into Maytas Infrastructure and Maytas Properties — controlled by the Raju family — for a whopping $1.6 billion, the UK-based Upaid Systems has alleged that Satyam’s buyback proposal is yet another ploy to...

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Posted Under: Income Tax |

Tax Sword Looms Large On Cross-Border Acquisitions

Since August last year, the world has been watching. It all began with a show cause notice issued to Vodafone BV (based in the Netherlands), holding it to be an “assessee in default” for not withholding tax at source when it made payments to a Hutchison Group company (based in Cayman Islands) for acquiring shares of another Cayman Isl...

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Posted Under: Income Tax |

Lending Rate to Be In Single Digit in a Year

With inflation declining for the sixth week in a row, ICICI Bank chief K V Kamath on Friday said lending rate will come down to single digit in a year and predicted attractive opportunities in treasury operations in the soft interest rate regime....

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Posted Under: Income Tax |