Amazon has filed a petition with the US Supreme Court to hear its sales tax case against the New York State Department of Taxation and Finance after it lost in the state’s Court of Appeals in March.
Foreign taxpayers with investments in mutual fund units will be reassured by an Income Tax Appellate Tribunal (ITAT) decision that said their capital gains will be protected from Indian taxation where a treaty is in place.
India’s Bombay High Court will hear the E*Trade Mauritius case concerning the taxation of capital gains arising from the transfer of shares from a Mauritius to an Indian company after the Supreme Court’s refused to rule on the case in June last year.
Fire protection and security company Tyco International is taking on the Internal Revenue Service (IRS) in the US Tax Court after the tax authority tried to re-characterise intra-group financing transactions as equity, rather than debt, instruments.
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US life insurance company John Hancock has lost its Tax Court case concerning lease-in-lease-out (LILO) and sale-in-lease-out (SILO) transactions, meaning the Internal Revenue Service (IRS) continues its record of having won all cases on this issue. However, the IRS may have caused itself future difficulties by making an economic substance argument.
