Vodafone - Page 12

After Vodafone department send notice to E*Trade Mauritius to pay capital gains tax

Buoyed by a favourable Supreme Court order in the Vodafone tax case, the income-tax department has asked E*Trade Mauritius to pay capital gains tax on the sale of its shares held in Indian company IL&FS Investsmart to HSBC in September 2008. E*Trade Mauritius is indirectly held by E*Trade Financial Corporation and is in the business [...

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Posted Under: Income Tax |

IT department widened the scope of the investigation of the tax liability on Vodafone-Essar

The income tax (I-T) department has widened the scope of the investigation of the tax liability on Vodafone-Essar, India’s fourth-largest mobile service provider, to other offshore transactions associated with Vodafone’s buyout of Hutchison Whampoa’s 67 per cent stake in an $11.08 billion deal in 2007. Sources close to t...

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Posted Under: Income Tax |

Supreme Court dismissed USD two billion Vodafone capital gains tax case

Vodafone International Holdings B.V. Vs Union Of India & Anr. (Supreme Court of India)

THE Supreme Court today simply dismissed the much-hyped USD two billion Vodafone capital gains tax case at the admission stage itself. Before rejecting the SLP, the Bench asked the assesee - why did they not furnish the copy of their original agreement to the Court and also to the Revenue? In reply the assessee spoke about their delayed o...

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Your Mobile Phone will be Banned in 2009 if it doesnt have IMEI Number

This is what DOT has told to the government that any phone which doesn’t have a valid IMEI Number will be banned starting next year think they started with a date of Jan 6th and may be they will move that or extend it to March 2009. This means 13 percent of the Chinese and Korean mobile phones which either doesn’t have a valid IMEI nu...

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Posted Under: Income Tax |

New tax code to stop treaty shopping

The government may introduce provisions in the new direct tax code to prevent misuse of double taxation avoidance agreements India has with other countries. The new code is likely to be unveiled before the year ends. A government official said a discussion paper on the code, a major initiative undertaken under the guidance of the former f...

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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 |

High Court Verdict Strengthens Income Tax Department – CBDT Chairman

The CBDT, Chairman Shri N.B. Singh said that the decision of the Mumbai High Court in favour of the Income Tax Department in the case relating to transfer of securities of Vodafone Essar Limited has strengthened the hands of the Income Tax Department....

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Posted Under: Income Tax |

Latest Advance Ruling may impact billion-dollar Vodafone takeover case

Latest Advance Ruling may impact billion-dollar Vodafone takeover case; Capital gains - Transfer of shares between two non-resident entities abroad - Since situs of income is located here, it is taxable in India. TAXING capital gains has always been a tricky subject for the Revenue. If it ever involved two non-resident entities, it always...

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Posted Under: Income Tax |

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