Income Tax : An in-depth analysis of the Taxation Laws (Amendment) Act, 2021. Understand the implications and changes to the Income Tax Act and...
Income Tax : During the years 2007 to 2008, India witnessed an immense hike of Foreign Direct Investments (FDI) in its Telecommunication Indust...
Income Tax : The Indian government in Budget 2012-13, amended the Income Tax Act, 1961 to retrospectively tax cross-border transactions in whic...
Income Tax : The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospec...
Income Tax : ‘THE TAXATION LAWS (AMENDMENT) BILL, 2021‘ introduced in Lok Sabha on 05th August 2021 (passed on 06th August 2021) pr...
Income Tax : Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be ...
Income Tax : The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act...
Income Tax : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the H...
Income Tax : Correct Factual Position and the Circumstances that led to the Government’s Proposal to Withdraw from the Conciliation Measures ...
Income Tax : British telecom giant Vodafone has decided against making a provision in its balance sheet for the over Rs 11,000 tax claim made b...
Income Tax : Vodafone Idea Limited Vs DCIT (ITAT Mumbai) In this case Learned Departmental Representative could not disputed the proposition th...
Income Tax : Thus it is clear that non completion of hearing of this appeal is solely attributable to revenue. In these circumstances, we are o...
Income Tax : In a 2.5 billion dollar sigh of relief for Vodafone, and for other companies eyeing assets in India, the Supreme Court has ruled i...
Income Tax : The argument that “controlling interest” was transferred with the shares was not acceptable as the share purchase agreement ha...
Income Tax : Vodafone Essar Cellular Ltd. v. ACIT On this issue, the Kerala High Court observed that it was the SIM card which linked the mobi...
Income Tax : No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 20...
Income Tax : In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the follow...
Income Tax : Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, ...
Income Tax : A speculative news story being circulated in some section of media claiming that Attorney General has given opinion in favour ...
Income Tax : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the H...
The Bombay High Court today issued a stay order on the showcause notice sent by the Income Tax (I-T) Department to British telecom major Vodafone. The I-T Department had asked the company to pay Rs 12,000 crore as tax on its acquisition of a majority stake in Hutchison Essar Ltd in 2007. The court fixed July 8 for the next hearing.
THE Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order. In a letter on March 23, 2007, the Income Tax (I-T) department had asked Vodafone to pay withholding tax, nearly one-and-a-half month before the telco made the payment to Hong Kong-based Hutchison International for buying two-third stake in Hutchison Essar.
The Bombay High Court today adjourned to July 8, the hearing on an appeal filed by Vodafone International in a dispute over tax liability. The court also stayed the ruling passed by the I-T department on May 31. The dispute is over the tax liability of Vodafone after it acquired Hutchison International’s stake in Hutchison- Essar in a USD 11.1-billion deal in 2007.
Vodafone moved Bombay High Court on 07th June 2010, challenging the income tax (I-T) department’s right to levy a tax on its $11.1-billion deal in 2007 to acquire Cayman Island-based Hutchison International’s stake in Hutchison Essar.
The UK’s Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd’s mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill.
British telecom major Vodafone Plc today received a new showcause notice from the income tax (I-T) department, quantifying its liability at Rs 12,000 crore on its 2007 acquisition of a majority stake in Hutchison Essar. The company is expected to approach the High Court here over the next few days to challenge the notice.
The Income Tax Department has, in a 761-page order, asserted its jurisdiction to tax Vodafone Group Plc’s $11.2 billion deal with Hutchison Telecommunications International in 2007, saying the deal was designed to hoodwink tax authorities by showing it had taken place abroad.
In a setback to telecom service provider Vodafone, the Income Tax Department on Monday said it has the jurisdiction to tax the $11.1-billion Vodafone- Hutchison Essar deal of February 2007. “We have jurisdiction over taxing Vodafone. Jurisdiction order has been issued … We will send the tax demand to them within few days,” Central Board of Direct Taxes (CBDT) chairman S S N Moorthy told media.
The Delhi High Court on Tuesday asked telecom companies to submit their account books to the Comptroller and Auditor General of India (CAG). CAG had been asked by the Centre to check under-reporting of revenue for calculating the licence fee. A division bench comprising Justices Sanjay Kishan Kaul and Valmiki Mehta directed telcos to provide details of their revenue sharing to CAG.
Large Indian companies could report a sharp fall in the valuation of their assets as new accounting norms prompt these firms to reassess the fair value of their units, a mandatory condition under globalised reporting standards. Adoption of the International Financial Reporting Standards (IFRS), a modern accounting system that Indian companies have to migrate to from next year,
