Supreme Court Upholds Tax Attachment on Formula One Income: Royal Bank of Scotland PLC vs. Axis Bank Limited (25 August 2017)

/ A.K. Sikri, Ashok Bhushan, Banking Law, Income Tax Act, 1961, Income Tax Act, 1961 with Section 195, Income Tax Act, 1961 with Section 281B, Judges, Letter of Credit (LC), Obligations of Banks, Tax Deducted at Source (TDS)

Can a tax authority attach funds related to a foreign company’s income in India, even when those funds are secured by Letters of Credit (LCs)? The Supreme Court of India tackled this complex issue in a case involving Formula One World Championship Limited (FOWC), an international company, and several banks. This case clarifies the extent […]

Supreme Court Upholds Tax Attachment on Formula One Income: Royal Bank of Scotland PLC vs. Axis Bank Limited (25 August 2017) Read Post »