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Blow for Hindalco: HC dismisses petition against tax dept
In a major blow for metal bellwether Hindalco, the Bombay High Court dismissed their petition against the tax department over a tax outgo of nearly Rs 1,200 crore.
In a major blow for metal bellwether Hindalco , the Bombay High Court dismissed their petition against the tax department over a tax outgo of nearly Rs 1,200 crore.
The court maintained that with respect of jurisdiction, the metal major could seek comprehensive remedy by moving the dispute resolution panel.
Hindalco had filed a petition in Bombay High Court to challenge the taxman's move to charge taxes, under transfer pricing, on alleged income by providing corporate guarantees in favour of a Netherlands based subsidiary for raising money.
After this blow, Hindalco can now take up the matter in DRP.
