A recent ruling in favor of AstraZeneca Pharma India Ltd. underlines the value of advance pricing agreements with India tax authorities to provide certainty for multinationals, according to practitioners.
It also reiterates the principles of calculating book profits for determining taxes, they said.
The Income Tax Appellate Tribunal of Bangalore, or ITAT, late last month dismissed certain claims by Bangalore’s tax department that AstraZeneca Pharma India Ltd. underreported its income. It sent other claims back to the department for fresh adjudication. The ruling hinged on the company having a valid advance pricing agreement, or APA, with the ...
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