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Top News In தலைமை நிர்வாகி அதிகாரி சிமோன் தாம்சன் Today - Breaking & Trending Today

'Cairn dispute can't be settled via Vivad se Viswas scheme' - The Hindu BusinessLine

‘Cairn dispute can’t be settled via Vivad se Viswas scheme’
April 06, 2021
Pramod Chandra Mody, Chairman, Central Board of Direct Taxes - Bijoy Ghosh×
Says scheme receives over 1.48 lakh declarations and over ₹54,000 crore

The tax dispute with Cairn Energy Plc cannot be brought under the Vivad se Viswas scheme, a senior Income Tax Department official has clarified.
“The scheme is closed now. Whosoever wanted to avail himeself of the scheme, has done so,” Pramod Chandra Mody, Chairman, Central Board of Direct Taxes (CBDT), told
BusinessLine.
The last date to make a declaration under the scheme was March 31, while payment of disputed tax without any additional amount (as prescribed under the scheme) can be made till April 30. The Department has received over ₹54,000 crore under the scheme as payment against disputed tax. ....

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$1.2-bn arbitration award: Cairn, govt discuss long-term capital gains tax

During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme.
The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials.
Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the ‘negative issue’ for all parties. The company said it was clear it should continue to take all necessary steps to protect the interests of its shareholders. ....

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Arbitration award: Cairn CEO to meet finance secretary on Thursday

Cairn Energy’s Chief Executive Officer (CEO) Simon Thomson will meet Union finance secretary Ajay Bhushan Pandey on Thursday as the UK-based oil company builds pressure on India to honour a $1.2 billion arbitration award that went in its favour.
The meeting comes in the backdrop of both sides hardening stand and the UK energy company filing a case in the US and the UK, seeking enforcement of an arbitration award.
Thomson had sought an appointment with Finance Minister Nirmala Sitharaman who did not give a formal time. She, however, told Business Standard, “The finance secretary will meet the Cairn CEO tomorrow. Let us wait and see what Cairn has to say in the meeting. We will chart our future strategy based on that.” Cairn is likely to file a case in Canada also. It had already got an order from a Dutch court for enforcement of the December 21 award. ....

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Government May Seek Out-Of-Court Settlement With Cairn Energy

Government May Seek Out-Of-Court Settlement With Cairn Energy
bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.

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Top headlines: Govt okays PLI scheme for telcos; Ramani wins #metoo fight

Top headlines: Govt okays PLI scheme for telcos; Ramani wins #metoo fight
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.

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