lakhs (being 1/10th of the total expenditure
on GDR issue) to its P & L A/c. for F.Y.
199596 onwards ... seen that part of the GDR issue
was used for making investments, which
includes the investment of Rs.96.62 crores
in UTI. On scrutiny
lakhs (
being 1/10th of the total expenditure on GDR
issue) to its P & L A/c. for F.Y.1995-96
onwards ... 2000-01, it was seen that part of the GDR
issue was used for making investments, which
includes the investment of Rs.96.62 crores
took another plea stating that it was money generated out of GDR issue which had funded the capital expenditure and that the foreign exchange loan ... filing the appeal by stating that the money generated out of GDR issue had funded the capital expenditure and that the foreign exchange loan
concerned, it was stated:-
(i) There is no suppression of facts. GDR issue has been widely circulated and appellant also undertook to utilize the proceeds ... basis prior to 18.04.2006. Thus Service Tax in respect of first GDR issue could not be recovered because of legal difficulties and service provider being
Sicpa India Private Ltd. vs Kapil Kumar & Ors. on 1 July, 2014
Author: Manmohan
purported dispute raised by defendant No.1 relates to
a GDR issue of defendant No.2 (Cals). The entire cause of action in
relation ... market from Honor Financea company who had subscribed to
the entire GDR issue using US$ 200 million loaned to it by Banco Efisa,
Portugal
case of Mahindra & Mahindra 313 ITR (AT) 263, the issue
before the Special Bench of the Tribunal was relating to taxability of
fees paid ... services rendered by the merchant bankers in relation to a GDR issue
12 ITA No.4656/07
& CONo.259/07
floated by Mahindra
help the appellant's case in as much as no
GDR issue is involved in the present nine appeals in hand.
13. In view
underwriting commission and reimbursement of expenses received by the
assessee for issue of GDR/FCCB etc. from Indian companies is not taxable as fees ... being sub-
(i) All receipts on account of issue of GDR & FCCB are in the nature of normal fund
for the issuing company
GDRs) representing
87,36,559 ordinary shares at an issue price of US $ 7.44 per GDR. It was
further stipulated in the terms ... also replied as not germane in the
context of GDR/ FCCB issues.
(f) there was no payment from Indian company to the non-
resident company
