The Income Tax Department has assessed that Cairn Energy Plc of UK - TopicsExpress



          

The Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24,503.50 crore of capital gains made on transferring India assets to a new company. The department, in a seven-page order dated January 22, said the gains came after the Edinburgh-based firm transferred its entire India business from subsidiaries incorporated in Jersey, a tax haven, to newly incorporated Cairn India Ltd for Rs 26,681.87 crore in 2006. This payment that the UK firm received was against its entire investment of Rs 2,178.36 crore (251.22 million pounds) in the India business.
Posted on: Wed, 29 Jan 2014 05:42:47 +0000

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