Karnataka High Court grants interim relief to Flipkart in response to a tax demand of INR 1,100 crore

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Karnataka High Court reportedly granted interim relief to Flipkart India on the Commissioner of Income Tax (Appeals) demand of over INR 1,100 Cr for the assessment years 2016-17 and 2018-19.

According to CNBC, Flipkart claimed that the Income Tax Appellate Tribunal (ITAT) in Bengaluru had already ruled in favour of the company capitalising marketing intangibles for the assessment year 2015-16, which was the main point of contention. In addition to the issue of Flipkart capitalising marketing intangibles, the Commissioner of Income Tax (Appeals) demanded that Flipkart pay the amount over Employee Stock Ownership Plan (ESOP) cross charges.

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Karnataka High Court grants interim relief to Flipkart in response to a tax demand of INR 1,100 crore

Karnataka High Court reportedly granted interim relief to Flipkart India on the Commissioner of Income Tax (Appeals) demand of over INR 1,100 Cr for the assessment years 2016-17 and 2018-19.

According to CNBC, Flipkart claimed that the Income Tax Appellate Tribunal (ITAT) in Bengaluru had already ruled in favour of the company capitalising marketing intangibles for the assessment year 2015-16, which was the main point of contention. In addition to the issue of Flipkart capitalising marketing intangibles, the Commissioner of Income Tax (Appeals) demanded that Flipkart pay the amount over Employee Stock Ownership Plan (ESOP) cross charges.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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