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Law firm allowed credit in India, for taxes withheld in Japan
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Law firm allowed credit in India, for taxes withheld in Japan
Lubna Kably / TNN / Dec 23, 2020, 11:56 IST
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(Representative image)
MUMBAI: The Income-tax Appellate Tribunal (ITAT), Mumbai bench recently dealt with the issue of allowability of tax credit in India for taxes withheld in Japan.
Clients in Japan, of the well-known law firm Amarchand & Mangaldas & Suresh A Shroff & Co had withheld tax at source at 10% against the fees payable. The issue was whether the partnership firm can claim a foreign tax credit (FTC) in India. The ITAT passed an order in favour of the law firm.
Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas Advises Senvion Group in Relation to Global Renewal Energy Development s Acquisition of Multiple Group Companies in India ANI | Updated: Dec 21, 2020 16:24 IST
Mumbai (Maharashtra)/ New Delhi [India], December 21 (ANI/NewsVoir): Cyril Amarchand Mangaldas acted as the Indian legal counsel to Senvion GmbH (Senvion GmbH) on selling its entire stake in the India operations of Senvion spread across its various entities ( Senvion India ) to Global Renewable Energy Development Holding Company Limited (Purchaser) owing to the bankruptcy of Senvion GmbH.
The General Corporate team of Cyril Amarchand Mangaldas successfully enabled signing of the contract agreements, executed this transaction and subject to regulatory approvals, the sale is expected to close in Q1-2021.