Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently

The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing..."/>
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Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently

The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing..." />
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    <h1 class="cat-box-title">Shell India accused of tax evasion-Utpal Bhaskar, Remya Nair and Amrit Raj</h1>
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                            <div align="justify">-Live Mint<br /><br /><em>Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently<br /></em><br />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 ` 15,000 crore and consequently evading taxes, said a person familiar with the development.<br /></div><div align="justify">&nbsp;</div><div align="justify">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.<br /></div><div align="justify">&nbsp;</div><div align="justify">A spokesperson for the India arm confirmed receipt of the notice from the tax department.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Shell India spokesperson said in an emailed response: &ldquo;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.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">A Royal Dutch Shell spokesperson didn&rsquo;t immediately respond to Mint&rsquo;s queries.<br /></div><div align="justify">&nbsp;</div><div align="justify">Transfer pricing refers to the practice of arm&rsquo;s length pricing for transactions between group companies based in different countries to ensure that a fair price&mdash;one that would have been charged to an unrelated party&mdash;is levied.<br />India has seen a sharp increase in disputes relating to transfer pricing, with the tax department adopting an aggressive stand while arriving at a price for the transaction. The transfer pricing assessment by the tax department for the year ended March 2008 saw the government raising claims to the tune of $9.5 billion (around `50,635 crore today).<br /></div><div align="justify">&nbsp;</div><div align="justify">With multinational companies looking to expand their footprint in India, the issue of arm&rsquo;s length pricing has come under increasing scrutiny of the transfer pricing wing of the I-T department. It also comes at a time when the government is struggling to meet its fiscal deficit targets on account of slowing revenue collections, especially on the corporate tax front.<br /></div><div align="justify">&nbsp;</div><div align="justify">Television channel ET Now had reported that &ldquo;the income-tax order relates to the issue of 87 crore shares by Shell India to an overseas group entity, Shell Gas BV, in March 2009. The shares were issued at `10/share, which has been contested by the income-tax authorities in Mumbai. The income-tax department has challenged the valuation methodology of Shell India and has pegged the value of the shares at`180/share instead&rdquo;.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The issue is being studied in detail. The legal counsels are being consulted whether to approach a court of law or the I-T department. There are a lot of infirmities in the order,&rdquo; said the person cited above.<br /></div><div align="justify">&nbsp;</div><div align="justify">The company has the option of going to the dispute resolution panel or to the commissioner of I-T (appeals).<br />This comes in the backdrop of the $2 billion tax dispute between Vodafone Group Plc and the Indian tax authorities, though the transactions are of a different nature.<br /></div><div align="justify">&nbsp;</div><div align="justify">Shell India told tax authorities its shares were valued at around `7 and, therefore, the allotment of shares to the overseas group entity at `10 each was at the market rate, according to ET Now.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The transfer pricing officials challenged the manner in which the valuation was done using discounted free cash flow method,&rdquo; it said. The valuation was higher than what had been shown, the channel added.<br /></div><div align="justify">&nbsp;</div><div align="justify">The tax department concluded the recent round of transfer pricing on 30 January for the period ended March 2009.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Central Board of Direct Taxes spokesperson couldn&rsquo;t be contacted.<br /></div><div align="justify">&nbsp;</div><div align="justify">Apart from running the liquefied natural gas terminal at Hazira on India&rsquo;s west coast, Shell India also has a presence in domestic fuel sales.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;After the conclusion of the audit cycle, the transfer pricing order goes to the assessing officer, who will consolidate other issues as well and come out with a comprehensive draft order,&rdquo; explained Rohan Phatarphekar, India head (transfer pricing) at audit and consulting firm KPMG.<br /></div><div align="justify">&nbsp;</div><div align="justify">To avoid such disputes, the government notified advance pricing agreements (APA) last year. APA is an agreement between a taxpayer and the tax department on a transfer pricing procedure for a particular set of transactions entered into before the deal.<br /></div><div align="justify">&nbsp;</div><div align="justify">According to Rajat Kathuria, director and chief executive at Indian Council for Research on International Economic Relations, the case may turn into another long-drawn scrap that will discourage investors for a while.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;It will become another event which will worry an investor sitting on the fence. But, in the longer run, it is unlikely to deter investors from making investment decisions in the country,&rdquo; he said. &ldquo;The timing of this incident means that it will take a lot of time to fructify as they will most probably move court. I don&rsquo;t think they (the government) could realistically anticipate the money to come this fiscal, if the idea is to bridge the fiscal deficit by this.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">Kathuria said that there is an urgent need to fast-track such processes. &ldquo;The Vodafone case is still going on and this (Shell India) could be another such case. A fast-track solution to such problems will not hassle foreign investors,&rdquo; he said. However, &ldquo;demands of this magnitude do not come to closure very quickly&rdquo;.</div>                                                           
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    <br><a href="http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html" class="re" target="_blank">Live Mint, 1 February, 2013, http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html</a><div class="clear"></div>
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Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently

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    <h1 class="cat-box-title">Shell India accused of tax evasion-Utpal Bhaskar, Remya Nair and Amrit Raj</h1>
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                            <div align="justify">-Live Mint<br /><br /><em>Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently<br /></em><br />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 ` 15,000 crore and consequently evading taxes, said a person familiar with the development.<br /></div><div align="justify">&nbsp;</div><div align="justify">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.<br /></div><div align="justify">&nbsp;</div><div align="justify">A spokesperson for the India arm confirmed receipt of the notice from the tax department.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Shell India spokesperson said in an emailed response: &ldquo;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.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">A Royal Dutch Shell spokesperson didn&rsquo;t immediately respond to Mint&rsquo;s queries.<br /></div><div align="justify">&nbsp;</div><div align="justify">Transfer pricing refers to the practice of arm&rsquo;s length pricing for transactions between group companies based in different countries to ensure that a fair price&mdash;one that would have been charged to an unrelated party&mdash;is levied.<br />India has seen a sharp increase in disputes relating to transfer pricing, with the tax department adopting an aggressive stand while arriving at a price for the transaction. The transfer pricing assessment by the tax department for the year ended March 2008 saw the government raising claims to the tune of $9.5 billion (around `50,635 crore today).<br /></div><div align="justify">&nbsp;</div><div align="justify">With multinational companies looking to expand their footprint in India, the issue of arm&rsquo;s length pricing has come under increasing scrutiny of the transfer pricing wing of the I-T department. It also comes at a time when the government is struggling to meet its fiscal deficit targets on account of slowing revenue collections, especially on the corporate tax front.<br /></div><div align="justify">&nbsp;</div><div align="justify">Television channel ET Now had reported that &ldquo;the income-tax order relates to the issue of 87 crore shares by Shell India to an overseas group entity, Shell Gas BV, in March 2009. The shares were issued at `10/share, which has been contested by the income-tax authorities in Mumbai. The income-tax department has challenged the valuation methodology of Shell India and has pegged the value of the shares at`180/share instead&rdquo;.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The issue is being studied in detail. The legal counsels are being consulted whether to approach a court of law or the I-T department. There are a lot of infirmities in the order,&rdquo; said the person cited above.<br /></div><div align="justify">&nbsp;</div><div align="justify">The company has the option of going to the dispute resolution panel or to the commissioner of I-T (appeals).<br />This comes in the backdrop of the $2 billion tax dispute between Vodafone Group Plc and the Indian tax authorities, though the transactions are of a different nature.<br /></div><div align="justify">&nbsp;</div><div align="justify">Shell India told tax authorities its shares were valued at around `7 and, therefore, the allotment of shares to the overseas group entity at `10 each was at the market rate, according to ET Now.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The transfer pricing officials challenged the manner in which the valuation was done using discounted free cash flow method,&rdquo; it said. The valuation was higher than what had been shown, the channel added.<br /></div><div align="justify">&nbsp;</div><div align="justify">The tax department concluded the recent round of transfer pricing on 30 January for the period ended March 2009.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Central Board of Direct Taxes spokesperson couldn&rsquo;t be contacted.<br /></div><div align="justify">&nbsp;</div><div align="justify">Apart from running the liquefied natural gas terminal at Hazira on India&rsquo;s west coast, Shell India also has a presence in domestic fuel sales.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;After the conclusion of the audit cycle, the transfer pricing order goes to the assessing officer, who will consolidate other issues as well and come out with a comprehensive draft order,&rdquo; explained Rohan Phatarphekar, India head (transfer pricing) at audit and consulting firm KPMG.<br /></div><div align="justify">&nbsp;</div><div align="justify">To avoid such disputes, the government notified advance pricing agreements (APA) last year. APA is an agreement between a taxpayer and the tax department on a transfer pricing procedure for a particular set of transactions entered into before the deal.<br /></div><div align="justify">&nbsp;</div><div align="justify">According to Rajat Kathuria, director and chief executive at Indian Council for Research on International Economic Relations, the case may turn into another long-drawn scrap that will discourage investors for a while.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;It will become another event which will worry an investor sitting on the fence. But, in the longer run, it is unlikely to deter investors from making investment decisions in the country,&rdquo; he said. &ldquo;The timing of this incident means that it will take a lot of time to fructify as they will most probably move court. I don&rsquo;t think they (the government) could realistically anticipate the money to come this fiscal, if the idea is to bridge the fiscal deficit by this.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">Kathuria said that there is an urgent need to fast-track such processes. &ldquo;The Vodafone case is still going on and this (Shell India) could be another such case. A fast-track solution to such problems will not hassle foreign investors,&rdquo; he said. However, &ldquo;demands of this magnitude do not come to closure very quickly&rdquo;.</div>                                                           
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    <br><a href="http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html" class="re" target="_blank">Live Mint, 1 February, 2013, http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Shell India accused of tax evasion-Utpal Bhaskar, Remya Nair and Amrit Raj    </title>
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Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently

The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing..."/>
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Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently

The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing..." />
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                            <div align="justify">-Live Mint<br /><br /><em>Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently<br /></em><br />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 ` 15,000 crore and consequently evading taxes, said a person familiar with the development.<br /></div><div align="justify">&nbsp;</div><div align="justify">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.<br /></div><div align="justify">&nbsp;</div><div align="justify">A spokesperson for the India arm confirmed receipt of the notice from the tax department.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Shell India spokesperson said in an emailed response: &ldquo;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.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">A Royal Dutch Shell spokesperson didn&rsquo;t immediately respond to Mint&rsquo;s queries.<br /></div><div align="justify">&nbsp;</div><div align="justify">Transfer pricing refers to the practice of arm&rsquo;s length pricing for transactions between group companies based in different countries to ensure that a fair price&mdash;one that would have been charged to an unrelated party&mdash;is levied.<br />India has seen a sharp increase in disputes relating to transfer pricing, with the tax department adopting an aggressive stand while arriving at a price for the transaction. The transfer pricing assessment by the tax department for the year ended March 2008 saw the government raising claims to the tune of $9.5 billion (around `50,635 crore today).<br /></div><div align="justify">&nbsp;</div><div align="justify">With multinational companies looking to expand their footprint in India, the issue of arm&rsquo;s length pricing has come under increasing scrutiny of the transfer pricing wing of the I-T department. It also comes at a time when the government is struggling to meet its fiscal deficit targets on account of slowing revenue collections, especially on the corporate tax front.<br /></div><div align="justify">&nbsp;</div><div align="justify">Television channel ET Now had reported that &ldquo;the income-tax order relates to the issue of 87 crore shares by Shell India to an overseas group entity, Shell Gas BV, in March 2009. The shares were issued at `10/share, which has been contested by the income-tax authorities in Mumbai. The income-tax department has challenged the valuation methodology of Shell India and has pegged the value of the shares at`180/share instead&rdquo;.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The issue is being studied in detail. The legal counsels are being consulted whether to approach a court of law or the I-T department. There are a lot of infirmities in the order,&rdquo; said the person cited above.<br /></div><div align="justify">&nbsp;</div><div align="justify">The company has the option of going to the dispute resolution panel or to the commissioner of I-T (appeals).<br />This comes in the backdrop of the $2 billion tax dispute between Vodafone Group Plc and the Indian tax authorities, though the transactions are of a different nature.<br /></div><div align="justify">&nbsp;</div><div align="justify">Shell India told tax authorities its shares were valued at around `7 and, therefore, the allotment of shares to the overseas group entity at `10 each was at the market rate, according to ET Now.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;The transfer pricing officials challenged the manner in which the valuation was done using discounted free cash flow method,&rdquo; it said. The valuation was higher than what had been shown, the channel added.<br /></div><div align="justify">&nbsp;</div><div align="justify">The tax department concluded the recent round of transfer pricing on 30 January for the period ended March 2009.<br /></div><div align="justify">&nbsp;</div><div align="justify">A Central Board of Direct Taxes spokesperson couldn&rsquo;t be contacted.<br /></div><div align="justify">&nbsp;</div><div align="justify">Apart from running the liquefied natural gas terminal at Hazira on India&rsquo;s west coast, Shell India also has a presence in domestic fuel sales.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;After the conclusion of the audit cycle, the transfer pricing order goes to the assessing officer, who will consolidate other issues as well and come out with a comprehensive draft order,&rdquo; explained Rohan Phatarphekar, India head (transfer pricing) at audit and consulting firm KPMG.<br /></div><div align="justify">&nbsp;</div><div align="justify">To avoid such disputes, the government notified advance pricing agreements (APA) last year. APA is an agreement between a taxpayer and the tax department on a transfer pricing procedure for a particular set of transactions entered into before the deal.<br /></div><div align="justify">&nbsp;</div><div align="justify">According to Rajat Kathuria, director and chief executive at Indian Council for Research on International Economic Relations, the case may turn into another long-drawn scrap that will discourage investors for a while.<br /></div><div align="justify">&nbsp;</div><div align="justify">&ldquo;It will become another event which will worry an investor sitting on the fence. But, in the longer run, it is unlikely to deter investors from making investment decisions in the country,&rdquo; he said. &ldquo;The timing of this incident means that it will take a lot of time to fructify as they will most probably move court. I don&rsquo;t think they (the government) could realistically anticipate the money to come this fiscal, if the idea is to bridge the fiscal deficit by this.&rdquo;<br /></div><div align="justify">&nbsp;</div><div align="justify">Kathuria said that there is an urgent need to fast-track such processes. &ldquo;The Vodafone case is still going on and this (Shell India) could be another such case. A fast-track solution to such problems will not hassle foreign investors,&rdquo; he said. However, &ldquo;demands of this magnitude do not come to closure very quickly&rdquo;.</div>                                                           
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Home हिन्दी

Shell India accused of tax evasion-Utpal Bhaskar, Remya Nair and Amrit Raj

Published on Feb 2, 2013   Modified on Feb 2, 2013

-Live Mint Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently 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 ` 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.”   A Royal Dutch Shell spokesperson didn’t immediately respond to Mint’s queries.   Transfer pricing refers to the practice of arm’s length pricing for transactions between group companies based in different countries to ensure that a fair price—one that would have been charged to an unrelated party—is levied. India has seen a sharp increase in disputes relating to transfer pricing, with the tax department adopting an aggressive stand while arriving at a price for the transaction. The transfer pricing assessment by the tax department for the year ended March 2008 saw the government raising claims to the tune of $9.5 billion (around `50,635 crore today).   With multinational companies looking to expand their footprint in India, the issue of arm’s length pricing has come under increasing scrutiny of the transfer pricing wing of the I-T department. It also comes at a time when the government is struggling to meet its fiscal deficit targets on account of slowing revenue collections, especially on the corporate tax front.   Television channel ET Now had reported that “the income-tax order relates to the issue of 87 crore shares by Shell India to an overseas group entity, Shell Gas BV, in March 2009. The shares were issued at `10/share, which has been contested by the income-tax authorities in Mumbai. The income-tax department has challenged the valuation methodology of Shell India and has pegged the value of the shares at`180/share instead”.   “The issue is being studied in detail. The legal counsels are being consulted whether to approach a court of law or the I-T department. There are a lot of infirmities in the order,” said the person cited above.   The company has the option of going to the dispute resolution panel or to the commissioner of I-T (appeals). This comes in the backdrop of the $2 billion tax dispute between Vodafone Group Plc and the Indian tax authorities, though the transactions are of a different nature.   Shell India told tax authorities its shares were valued at around `7 and, therefore, the allotment of shares to the overseas group entity at `10 each was at the market rate, according to ET Now.   “The transfer pricing officials challenged the manner in which the valuation was done using discounted free cash flow method,” it said. The valuation was higher than what had been shown, the channel added.   The tax department concluded the recent round of transfer pricing on 30 January for the period ended March 2009.   A Central Board of Direct Taxes spokesperson couldn’t be contacted.   Apart from running the liquefied natural gas terminal at Hazira on India’s west coast, Shell India also has a presence in domestic fuel sales.   “After the conclusion of the audit cycle, the transfer pricing order goes to the assessing officer, who will consolidate other issues as well and come out with a comprehensive draft order,” explained Rohan Phatarphekar, India head (transfer pricing) at audit and consulting firm KPMG.   To avoid such disputes, the government notified advance pricing agreements (APA) last year. APA is an agreement between a taxpayer and the tax department on a transfer pricing procedure for a particular set of transactions entered into before the deal.   According to Rajat Kathuria, director and chief executive at Indian Council for Research on International Economic Relations, the case may turn into another long-drawn scrap that will discourage investors for a while.   “It will become another event which will worry an investor sitting on the fence. But, in the longer run, it is unlikely to deter investors from making investment decisions in the country,” he said. “The timing of this incident means that it will take a lot of time to fructify as they will most probably move court. I don’t think they (the government) could realistically anticipate the money to come this fiscal, if the idea is to bridge the fiscal deficit by this.”   Kathuria said that there is an urgent need to fast-track such processes. “The Vodafone case is still going on and this (Shell India) could be another such case. A fast-track solution to such problems will not hassle foreign investors,” he said. However, “demands of this magnitude do not come to closure very quickly”.

Live Mint, 1 February, 2013, http://www.livemint.com/Companies/VzRIkNIEGaV3Gbd5MdhdNL/IT-department-alleges-under-pricing-of-15000-cr-by-Shell.html

Tagged with: Corporate Governance

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