Shell India in talks with I-T authorities over alleged tax evasion

by Paul Joseph on February 4, 2013 · 0 comments

The Indian arm of Anglo-Dutch oil giant Royal Dutch Shell Plc on Saturday confirmed that it is pursuing discussions with Indian tax authorities over alleged tax evasion. The confirmation followed a newspaper report that, citing an anonymous source, said that the Indian income tax (I-T) department charged Shell India over income tax evasion related to the issue of 870 million shares by the company to foreign firm Shell Gas BV in March 2009. The shares were issued at a rate of Rs 10 apiece, but the income tax authorities are arguing that the shares had a value of around Rs 180 apiece. read more

[via Stock Watch – Stock Specific News]

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