Tribunal quashes tax assessment order of ₹57 43 crore against T T V Dhinakaran thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
The Income Tax Appellate Tribunal (ITAT), while dismissing a submission of income tax (I-T) authorities, ruled that the jewellery sales and receipts from the demonetisation day submitted by a jeweller for taxation cannot be treated as cash credit.
Explained: Why Cairn Energy is moving to seize Indian assets
Explained: Why Cairn Energy is moving to seize Indian assets
UK-based oil major Cairn Energy is taking swift steps to seize India s foreign assets. The company recently won a $1.4 billion arbitration award against India. Here is all you need to know.
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UPDATED: May 17, 2021 16:20 IST
The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. (Photo: Reuters)
The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. Five years later, on December 21, 2020, India was ordered to return up to $1.4 billion (with interest) to the UK company after an international arbitration overturned India s retrospective tax demand.
Tax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be a one-to-one direct correlation between the outgo of the payment and inflow of the receipt. Secondly, the receipt and payment must be of identical amount that is without the profit element.
ITAT rules in favour of Hero MotoCorp in an inter group transfer pricing case
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Synopsis
The tax department had questioned certain inter group transactions regarding purchase of auto components within units were questioned under the transfer pricing provisions.
Reuters
Transfer pricing is a regulation that determines the price two related parties (companies part of the same group) must pay.
Hero MotoCorp, one of the country’s largest two-wheeler manufacturers in a recent ruling by Income Tax Appellate Tribunal (ITAT) got a reprieve from a tax demand levied on certain inter group transactions.
As per the details of the case the tax department had questioned certain inter group transactions regarding purchase of auto components within units were questioned under the transfer pricing provisions. Transfer pricing is a regulation that determines the price two related parties (companies part of the same group) must pay.