Shell India accused of tax evasion
Source: Mint
The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing an intragroup share transfer by Rs. 15,000 crore and consequently evading taxes, said a person familiar with the development.
Following the notice, which is one of the biggest transfer pricing orders by the I-T department, Shell India plans to challenge the assessment, added the same person, who did not want to be identified.
A spokesperson for the India arm confirmed receipt of the notice from the tax department.
A Shell India spokesperson said in an emailed response: “Shell India tax experts have indeed been in discussions with the Indian tax authorities on this issue over the past week and do not agree with their views. The tax officer has now made an assessment and passed an order. We will review the order and initiate consequent appropriate actions.”
Read more: http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html
Crore = 10,000,000. Shell may owe ~150 billion rupees (US$2.8 billion) per the WSJ.
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