Below is the edited transcript of her interview to CNBC-TV18.
Q: What is your view on the suggestions made by the Shome panel? The panel has suggested that no person should be treated as an assessee in default under Section 201 of the Act read with Section 9(1) as amended in Finance Act 2012 or as an representative assessee of a non-resident in respect of a transaction of transfer of shares of a foreign company having underline assets in India and this would amount to the imposition of a burden of impossibility of performance. How do you react to this?
A: I haven't read the report, but what I can gather from the available information is that the Shome Committee has said that putting a burden retrospectively on a buyer of either deducting withholding tax or paying interest or penalty thereon or making him a representative assessee is wrong. If they mean the same thing then they have done a commendable job. I agree with this perception and any legally trained person would definitely agree that bringing retrospective liability through any provision of law on a buyer is illegal and should not be done in any viable democracy.
Q: With respect to Vodafone, the recommendation at Clause 2 says that there should not be any interest or a penalty that should be levied under various sections of the Finance Act that have been mentioned. As far as indirect transfers go my question is, is Vodafone therefore under this recommendation, if it were to be accepted by the finance ministry not going to be liable to pay interest and penalty and therefore the possibility of a settlement becoming more likely?
A: Vodafone has to decide what it wants to do.
Q: But purely from the standpoint of similar recommendation, in terms of existing law and past practice this is way where the income tax department can approach a settlement. Is that at least possible?
A: You have read out the report and said what they have recommended that there should not even be liable to pay any tax amount. So, why should then there only be an interest and penalty wavier? Why should there be any tax imposition? What you have just mentioned is wrong, that is what the committee has said. Why should we stop at one?
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