My Legal Advisor, Lawyers india, free legal advice

Blog

Aditya Birla Telecom has ₹ 2,400 crore tax demand

As per a recent news, The income tax department has asked Aditya Birla Telecom (ABTL) to pay Rs 2,400 crore which includes the interest of ₹ 643 crore. The income tax department has stated that the transfer of assets and liabilities to Idea Cellular are not exempt from tax and hence the demand notice has been issued to Aditya Birla Telecom (ABTL).

Aditya Birla Telecom (ABTL) is a wholly owned subsidiary of Idea Cellular. In the financial year 2009-10, all the assets and liabilities of the Aditya Birla Telecom (ABTL) company were transferred to Idea, without any apparent consideration.

The income tax department has rejected Aditya Birla Telecom (ABTL)’s argument that being a demerger, the transaction was exempt from tax.

Tags
Share

About Author

Legal Advisor

Legal Advisor

My legal Advisor is free legal information website.

Related Articles

1 Comment

  1. CA Kartik
    CA Kartik February 25, 12:59

    the rate of tax evasion in india is very high. These corporates try ro increase there profit without paying the dues to the government at the same time the government should take such strict steps as it will discourage the other MNCs

    Reply to this comment

Write a Comment