Supreme Court to hear Genpact Consulting Singapore 2014-2015 tax dispute
Business
The Supreme Court is stepping in next week to hear a high-stakes tax case involving Genpact Consulting Singapore.
The Income Tax Department wants to reopen Genpact's 2014-2015 tax assessment, arguing that a major share sale was really a clever move to dodge taxes.
The Delhi High Court had earlier sided with Genpact, but now the top court will have the final say.
Genpact sold more than 1.4 million shares
Back in 2015, Genpact Singapore sold more than 1.4 million shares of its Indian arm to another company it owns.
Tax officials say this was just a workaround to avoid paying dividend distribution tax, while Genpact maintains it followed the rules and got an exemption for this kind of transfer.