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高等法院在Birla电信单元案件中维持IT法庭的命令
高等法院正在听取所得税专员就大约10年前的一场纠纷提交的请愿书。
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高等法院在上周的命令中表示，这笔交易是真实的，不能被视为往返资金，这为Aditya Birla)电信，一个昔日的单位知道细胞．
高等法院正在听取所得税专员就大约10年前的一场纠纷提交的请愿书。
然而，税务部门援引《所得税法》第68条，认为该公司只是通过复杂的公司结构网络转移了自己的资金。该部门辩称，该公司仅将从P5AHIML收到的73.1亿卢比用于自己的运营，并将余额转移给控股公司Idea Cellular或Idea Cellular基础设施服务有限公司，另一个集团公司，为其他投资的目的。
“P5AHIML没有理由在没有任何明显回报的情况下转移如此巨额的资金，”税务部门辩称。
在维持所得税上诉法庭的命令的同时，高等法院认为P5AHIML属于普罗维登斯股权合伙人，它在印度证券交易委员会注册为外国风险资本投资者，并已经获得了所得税外国投资促进委员会由于未能订到往返机票，故未能获批准进行投资。
法院还考虑到审裁处的命令，审裁处认为，评估人员进行了详细的调查，并初步相信记录在案的材料证明了交易的真实性。
法院表示:“P5AHIML手中的资金来源也得到了核实。”
税务专家说，这一命令之所以重要，是因为它的时机很好，因为当局正在密切关注从所有来源流入的资金。
特许会计师事务所Ashok maheshary and Associates LLP的合伙人Amit Maheshwari表示:“这在目前的情况下具有重要意义，因为在一些情况下，第68条被援引，即使投资来自信誉良好的投资者。”“高等法院正确地裁定，仅仅因为投资是通过多个公司实体进行的，并不意味着交易是虚假交易。”
![\"HC](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/figure> Mumbai: The Bombay High Court has upheld an order of the income tax tribunal, which said that Aditya Birla Group<\/a>\u2019s telecom unit did not violate rules while receiving an investment of Rs 2,098.25 crore from a subsidiary of global private equity firm Providence Equity Partners.The high court said in its order last week that the transaction was genuine and could not be considered round tripping of funds, providing major relief for Aditya Birla<\/a> Telecom, a unit of erstwhile Idea Cellular<\/a>.
The high court was hearing a petition filed by the Commissioner of Income Tax on a dispute that had its genesis about a decade ago.
<\/div><\/div>Aditya Birla Telecom received Rs 2,098.25 crore from Mauritius-based P5 Asia Holding Investment (P5AHIML), a subsidiary of Providence Equity Partners, in FY08. The amount included share premium of Rs 2,096.32 crore upon allotment of compulsory convertible preference shares to the subsidiary.
However, the revenue department invoked Section 68 of the Income Tax Act and held that the company had merely routed its own money through a complex web of corporate structures. The department argued that the company had used only Rs 7.31 crore received from P5AHIML for its own operations and transferred the balance amount to Idea Cellular, the holding company, or to Idea Cellular Infrastructure<\/a> Services Ltd., another group company, for the purpose of other investment.
\u201cThere was no reason why P5AHIML should have transferred such huge amount without any apparent return,\u201d the tax department argued.
While upholding the Income Tax Appellate Tribunal\u2019s order, the high court held that P5AHIML belongs to Providence Equity Partners, it was registered as a Foreign Venture Capital Investor with the Securities & Exchange Board of India and had taken the Foreign Investment Promotion Board<\/a>\u2019s approval for making the investment and hence could not be booked for round tripping.
However, the revenue department invoked Section 68 of the Income Tax Act and held that the company had merely routed its own money through a complex web of corporate structures. The department argued that the company had used only Rs 7.31 crore received from P5AHIML for its own operations and transferred the balance amount to Idea Cellular, the holding company, or to Idea Cellular Infrastructure<\/a> Services Ltd., another group company, for the purpose of other investment.
\u201cThere was no reason why P5AHIML should have transferred such huge amount without any apparent return,\u201d the tax department argued.
While upholding the Income Tax Appellate Tribunal\u2019s order, the high court held that P5AHIML belongs to Providence Equity Partners, it was registered as a Foreign Venture Capital Investor with the Securities & Exchange Board of India and had taken the Foreign Investment Promotion Board<\/a>\u2019s approval for making the investment and hence could not be booked for round tripping.
<\/div><\/div>\u201cMerely because the investment was considerably large and as noted, several corporate structures were either created or came into play in routing the investment in the assesse through P5AHIML, would not be sufficient to brand the transaction as colourable device,\u201d the court observed in its order on March 26.
The court also took into account the order of the tribunal, which observed that the assessing officer had carried out a detailed inquiry and was prima facie of the belief that the materials on record proved the genuineness of the transaction.
\u201cThe source of the funds in the hands of P5AHIML was also verified,\u201d the court said.
Tax experts said the order is important because of its timing, when authorities are keeping tabs on funds flowing in from all sources.
\u201cThis assumes significance in the present scenario where Section 68 is being invoked in several cases, even where the investments are coming from reputable and creditworthy investors,\u201d said Amit Maheshwari, a partner at Ashok Maheshwary and Associates LLP, a chartered accountancy. \u201cThe HC has correctly ruled that merely because the investment is coming through multiple corporate entities does not make the transaction a sham transaction.\u201d
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The court also took into account the order of the tribunal, which observed that the assessing officer had carried out a detailed inquiry and was prima facie of the belief that the materials on record proved the genuineness of the transaction.
\u201cThe source of the funds in the hands of P5AHIML was also verified,\u201d the court said.
Tax experts said the order is important because of its timing, when authorities are keeping tabs on funds flowing in from all sources.
\u201cThis assumes significance in the present scenario where Section 68 is being invoked in several cases, even where the investments are coming from reputable and creditworthy investors,\u201d said Amit Maheshwari, a partner at Ashok Maheshwary and Associates LLP, a chartered accountancy. \u201cThe HC has correctly ruled that merely because the investment is coming through multiple corporate entities does not make the transaction a sham transaction.\u201d
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