The Income Tax department has sought the dismissal of a plea filed by tea producer McLeod RusselBSE 0.22 % against state's powers to tax transactions retrospectively.
The department maintains that the state has powers to tax with retrospective effect and the amendments introduced in the Finance Bill 2012 were clarifications, and not arbitrary.
McLeod Russel is pleading for dismissal of 36-crore tax claim for its purchase of Borelli Tea Holding fromWilliamson Tea Holdings in 2005. The department maintains that McLeod should have deducted tax.
The department maintains that the state has powers to tax with retrospective effect and the amendments introduced in the Finance Bill 2012 were clarifications, and not arbitrary.
McLeod Russel is pleading for dismissal of 36-crore tax claim for its purchase of Borelli Tea Holding fromWilliamson Tea Holdings in 2005. The department maintains that McLeod should have deducted tax.
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