More than 100 individuals in Mumbai have received notices from the Income-Tax Department this month for holding undisclosed bank a/c.
AAR's ruling marks a departure from the Supreme Court's verdict in the Azadi Bachao Andolan case that dealt with the Indo-Mauritius tax treaty.
High Court ruling is seen as a relief to companies aggrieved by what they claim as unjust tax demand on international transactions.
The transfer price wing of the income tax department, which looks into crossborder transactions of Indian companies, has made an additional tax demand of Rs 40,000 crore.
The particular case was related to payments made by Max India and Wockhardt Hospital to US-based Harward Medical International.
Direct tax collection for the first eight months of the fiscal has fallen short by more than 13% of the projection, raising fresh concerns over the govt's ability to meet the fiscal deficit target.
An appellate tax tribunal has ordered capital gains tax exemption for a Mauritius company which wanted to sell stake in an Indian company to another overseas firm.
Depending on evidence, I-T dept may demand additional taxes with int & even levy a penalty for not disclosing the full income.
The I-T dept has secured at least 17 'voluntary disclosures' out of 700 Indians having secret accounts with HSBC Bank, Switzerland.
The Enforcement Directorate will probe unreported foreign bank account holders in LGT Bank and HSBC, whose details were furnished to the Indian government by Germany and France.
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