TagVodafone; Taxation

Vodafone’s Triumph: One Step Closer to a Better Standard in FET?

[Achyutha GM is a 4th year B.Sc. LL.B. (Hons.) student at the Gujarat National Law University, Gandhinagar] It all began with an acquisition that Vodafone International Holdings B. V. (‘Vodafone’), the Dutch subsidiary of the UK-based Vodafone Group carried out in 2007. CGP Investments Limited (‘CGP’) is a special purpose vehicle based in the Cayman Islands for tax purposes that owns a...

Bombay High Court Ruling in Favour of Vodafone in Share Issue Case

Over the last couple of years, Indian subsidiaries of multinational companies have been faced with the unique tax issue pertaining to the issuance of shares to their parent companies. The tax department has questioned the valuation on which shares have been issued by the Indian subsidiaries and sought to apply the transfer pricing provisions under the Income Tax Act, 1961 (the Act) to impute...

Retrospective Tax Legislation and ‘Small Repairs’

The Vodafone case—which, of course, is yet to be finally resolved—has triggered a debate in India about the legality and propriety of retrospective tax legislation. Much has been said about the latter but not very much about the former. One issue that is often contested in relation to legality is whether the retrospective amendment is ‘clarificatory’. The reason this is important is not so much...

Recent AAR Rulings on the ‘Mauritius route’

Some recent reports have pointed out that the Authority for Authority for Advance Rulings has once again sanctified the “Mauritius route”.  While the law since Azadi Bachao Andolan’s case has upheld the sanctity of a tax residency certificate (TRC), the Revenue has not given up its efforts to find the “hidden reality” or “true facts”.  The Revenue has also met with some success in its...

Budget 2012: Retrospective Amendments to Sections 2(14), 2(47) and 9

Copies of the Finance Bill, 2012 and the Explanatory Memorandum are now available. During the course of the day, we will highlight the important changes made and examine their implications. The purpose of this post, however, is to highlight that the Bill proposes a retrospective amendment to sections 2(14), 2(47) and 9 of the Income Tax Act, 1961, and this amendment purports to be clarificatory...

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