Kishore Chhabria of liquor company BDA Ltd is facing a different rival, Bangalore-based John Distilleries.
The ITAT said that the expenses on advertisements can be deducted to arrive at the taxable income.
Companies need not pay tax on profits abroad but can offset losses against tax liability.
Corporate tax collections have seen a significant growth for the three months ended June 15.
The Delhi High Court has stayed a $1.2-million tax demand on Nokia, taking into account the company’s plea that as per the judgements on its earlier tax disputes.
: Gone is the fight over ownership of companies. This time Kishore Chhabria of liquor company BDA Ltd is facing a different rival, Bangalore-based John Distilleries.
India’s liquor baron Vijay Mallya’s bid to snag Scottish liquor firm Whyte & Mackay has run into unexpected hurdles.
MNCs operating in India have paid a record Rs 10,000 cr tax in the financial year ended March 31, '07.
According to the ruling, the entire operation of a foreign company in India is liable to be taxed even if the company makes an ‘arms-length payment’ to its agent.
In a crucial tax ruling which will make the government richer by a few thousand crores, the Mumbai Income Tax Appellate Tribunal has held that revenue generated in India by a foreign company is taxable in India, even if the firm operates through a local agent.
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