Lack of thin capitalisation rule gives taxpayer victory in India
November 24, 2010
Sophie Ashley - TPW
The Income Tax Appellate Tribunal (ITAT) has held that tax planning carried out within the provisions of the law cannot be classed as a structured transaction for tax evasion purposes, even if the structure saves the company tax.
The order was on an appeal filed by Besix Kier Dabhol, a Belgian company, which has a permanent establishment in India and was involved in the construction of a fuel jetty near Dabhol.
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