“But when earlier notices and legacy issues are concerned, they’ll have to be sorted out. There is a due judicial process. We’ve stuck to it. Wherever in an earlier issue the judicial process has decided some issue, as in some recent cases, we’ve accepted them,” he said. - See more at: http://www.freepressjournal.in/no-retro-tax-but-cairn-is-legacy-issue-arun-jaitley/#sthash.bFCvMy9A.dpuf
< “But when earlier notices and legacy issues are concerned, they’ll have to be sorted out. There is a due judicial process. We’ve stuck to it. Wherever in an earlier issue the judicial process has decided some issue, as in some recent cases, we’ve accepted them,” he said.
CA Anuja Garg
(Author is working as Senior Executive – Corporate Tax with Wipro Limited at Bangalore)
On ‘fair price’, for an expert or beginner,- worthwhile to look into e.g. HERE (and, a plethora, of like blogs, on SEARCH) >
Questionnaire on the Valuation of Equity in ... - OECD
cost of acq. or of improvement ?
asset.webcrawler.com/ Search for Asset Valuation Methods With 100's of Results at WebCrawler
www.ask.com/Methods+Of+Valuation Discover and Explore on Ask.com!
EVERLASTINGLY RESOUNDING WORDS, FULL OF WISDOM TO THE CORE:
< Stability is the anathema to the North Block. To preach the virtue of stability to our finance ministry is like seeking to preach the value of peaceful coexistence to Genghis Khan.>
< Our laws are (being, often mindlessly) changed on the assumption (not rightly so) that there is no intelligent life outside the North Block. The arrogance of power is such that amendments are (being) made (as if that were an enjoyable sport/pastime; at best, to the delight of lawyers, in particular those aming them who thrive on stimulating litigation ) without considering (even remotely, though deserving) public suggestions or criticisms which are presumed to represent the ranting of vested interests (even if those were not really so).
(Book : We, the Nation < Read any number of likes, in Nani ’s published speeches on the Union Budget, et al )
(Emphasis as above, supplied, in Red)
"Fair Price " >
Methodologies/ techniques employed , just as for fair price (value) of 'share' / 'equity' in a company are so numerous as to lend scope for any uniform and acceptable basis, much less to attach or claim any sanctity, is well nigh an impossible task- if not a nonstarter. so also, at variance significantly, - from company to company, depending inter alia on the type (s) of business, country of its management and operation,so on so forth. As such, there is no gainsaying that, the proposed methodology is fundamentally and logically faulty.
With tax treaty in place, it becomes all the more difficult to even visualise as to how far , even after the rules come to be framed and made effective, the implementation and enforcement of the amended scheme could be that easy, or acceptable to taxpayer in a given case is beyond comprehension / imagination.
Not but not least, the method of computation, as intended, is prima facie contrary to, runs counter/is at wide variance, in comparison to the general scheme for taxation of CAPITAL GAINS arising on transfer of a capital asset. Mainly, the areas of variance as identified are:
assets only ; no liabilities ?
cost of acq. or of improvement ?
50%- to cover ????
saving clause - case to case - discretion ?