NEW DELHI: In a shot in the arm for Bharti Airtel, Delhi High Court<\/a> has quashed income-tax department’s move to reassess income of its subsidiary Bharti Infratel beyond four years for 2008-09 for transfer of towers to Indus Towers. 新德里:Bharti Airtel的手臂中枪,德里高等法院已经撤销部门的重新评估收入所得税的子公司鼓吹超越四年对2008 - 09年转移的印度塔塔。
The court allowed the company’s writ seeking relief and quashed notice for reassessment, saying all primary facts were disclosed, stated and were known and in knowledge of the assessing officer.
“….this would be a case of change of opinion as the assessee had disclosed and had brought on record all facts relating to transfer of passive infrastructure<\/a>, its book value, fair market value as was mentioned in the SOA (statement of account<\/a>) as also that the transferred passive assets to become property of Indus Infrastructure Ltd, including the dates of transfer and the factum that one-step subsidiary Bharti Infratel Ventures Ltd was created for the said purpose,” the High Court order said.
These facts were within the knowledge of the assessing officer when he had passed the original assessment order for the assessment year 2008-09 on December 20, 2010, it said.
The I-T department<\/a> had sought to reopen the company’s 2008-09 assessment order to re-examine the transfer of some of the towers owned by Bharti Airtel to Bharti Infratel and then to Indus Towers.
Tax authorities had contended that the scheme of transfer of assets was examined in the assessment proceedings for AY 2008-09 of Bharti Airtel in light of the scheme of arrangement approved by the Delhi High Court. However, during examination of the scheme it was seen from the relevant portion of shareholders agreement, annual report of Bharti Infra<\/a> for 2007-08 and the 2008-09 annual report of Bharti Airtel that neither of the two disclosed full and true intention in the scheme approved by the High Court.
“SOA had mentioned transfer of passive infrastructure of BAL to BIL, a wholly owned subsidiary, and that there was no transfer of assets to a company outside the group,” the department submitted. It was stipulated that shares were not to be issued and no consideration was to be paid to the shareholders for transfer of assets, but contrary to the scheme approved by the High Court, within 15 days of the approval, a shareholder‘s agreement on December 8, 2007 was entered into by Bharti Infra whereby the passive infrastructure was transferred by it to a third party, Indus Tower Limited<\/a>,” it said.
“Bharti Infra had not for even a single day used the passive infrastructure, contrary to what was stated in the scheme of arrangement filed before the high court… The entire purpose behind the scheme was evasion of taxes, as passive infrastructure assets of Bharti Airtel having written down value of Rs 5,739.60 crore were transferred at nil value to Bharti Infra and were immediately re-valued at Rs 8,218.12 crore,” it said.
The difference between the written down value of the assets transferred by Bharti Airtel to Bharti Infra and the re-valuation of investment had been taxed in the hands of Bharti Airtel.
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法院允许公司的文书为重新评估寻求救济和撤销通知,说所有主要事实被披露,说明和被评估人员的知识。
”…。这将是一个改变的意见的情况下带来的assessee透露,记录所有相关事实的被动转移基础设施其账面价值,公允市场价值作为SOA中所提到的(对帐单)也被动的资产转移到成为印度基础设施有限公司的财产,包括转让日期和呈文,一步子公司鼓吹企业有限公司成立的目的说,”高法院的命令说。
的它部门曾试图重新打开公司的2008 - 09年的评估,以审视的转移一些塔属于Bharti Airtel鼓吹,然后印度塔。
税务机关已经声称转让资产的计划检查评估程序AY 2008 - 09年的Bharti Airtel的德里高等法院批准的协议安排。然而,在考试的计划从股东协议的相关部分,年度报告Bharti下文2007 - 08年和2008 - 09年度报告的Bharti Airtel,两披露完整和真实意图在高等法院批准的计划。
“SOA已提到的被动转移的基础设施基本脉冲电平落下帷幕,一个全资子公司,,没有公司在集团的资产转移,“部门提交。规定,股价不发表了,没有考虑支付给股东的资产转移,但相反方案批准的高等法院,15天内批准,股东协议12月8日,2007年进入了Bharti下文,被动基础设施转让第三方,印度塔有限公司,”它说。
“Bharti下文没有甚至一天使用被动的基础设施,与所述的协议安排在高等法院提起…整个计划背后的目的是逃避税收,是被动基础设施资产的Bharti Airtel写下5739 .60卢比的价值是零价值转移到Bharti下文,立即re-valued 8218 .12点卢比,”它说。
之间的差异的转让资产减记的价值的Bharti Airtel Bharti下文和re-valuation投资征税在Bharti Airtel的手中。
NEW DELHI: In a shot in the arm for Bharti Airtel, Delhi High Court<\/a> has quashed income-tax department’s move to reassess income of its subsidiary Bharti Infratel beyond four years for 2008-09 for transfer of towers to Indus Towers.
The court allowed the company’s writ seeking relief and quashed notice for reassessment, saying all primary facts were disclosed, stated and were known and in knowledge of the assessing officer.
“….this would be a case of change of opinion as the assessee had disclosed and had brought on record all facts relating to transfer of passive infrastructure<\/a>, its book value, fair market value as was mentioned in the SOA (statement of account<\/a>) as also that the transferred passive assets to become property of Indus Infrastructure Ltd, including the dates of transfer and the factum that one-step subsidiary Bharti Infratel Ventures Ltd was created for the said purpose,” the High Court order said.
These facts were within the knowledge of the assessing officer when he had passed the original assessment order for the assessment year 2008-09 on December 20, 2010, it said.
The I-T department<\/a> had sought to reopen the company’s 2008-09 assessment order to re-examine the transfer of some of the towers owned by Bharti Airtel to Bharti Infratel and then to Indus Towers.
Tax authorities had contended that the scheme of transfer of assets was examined in the assessment proceedings for AY 2008-09 of Bharti Airtel in light of the scheme of arrangement approved by the Delhi High Court. However, during examination of the scheme it was seen from the relevant portion of shareholders agreement, annual report of Bharti Infra<\/a> for 2007-08 and the 2008-09 annual report of Bharti Airtel that neither of the two disclosed full and true intention in the scheme approved by the High Court.
“SOA had mentioned transfer of passive infrastructure of BAL to BIL, a wholly owned subsidiary, and that there was no transfer of assets to a company outside the group,” the department submitted. It was stipulated that shares were not to be issued and no consideration was to be paid to the shareholders for transfer of assets, but contrary to the scheme approved by the High Court, within 15 days of the approval, a shareholder‘s agreement on December 8, 2007 was entered into by Bharti Infra whereby the passive infrastructure was transferred by it to a third party, Indus Tower Limited<\/a>,” it said.
“Bharti Infra had not for even a single day used the passive infrastructure, contrary to what was stated in the scheme of arrangement filed before the high court… The entire purpose behind the scheme was evasion of taxes, as passive infrastructure assets of Bharti Airtel having written down value of Rs 5,739.60 crore were transferred at nil value to Bharti Infra and were immediately re-valued at Rs 8,218.12 crore,” it said.
The difference between the written down value of the assets transferred by Bharti Airtel to Bharti Infra and the re-valuation of investment had been taxed in the hands of Bharti Airtel.
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