The Income Tax department has asked the Bombay court to explain on what basis it gave the tax relief to Bachchan when, according to law, only those artists who earn by performing outside the country or receive payment from foreign agencies can be allowed to enjoy tax redemption
If, following the consummation of the Offer, any Notes remain outstanding, it is expected that the Issuer will promptly redeem such Notes pursuant to a Withholding Tax Redemption
(as defined in the indenture) at a redemption price equal to 100% of the principal amount outstanding thereof, if any, accrued and unpaid interest, if any, and Additional Amounts (as defined in the indenture), if any, to and including the Withholding Tax Redemption
Date (as defined in the indenture), subject to the Issuer and the Guarantors obtaining the funding necessary to complete such redemption and the satisfaction of certain other requirements under the indenture.
The net of tax redemption
costs have a one-time effect of $0.
The company reports on more than 14 million properties annually and offers a broad range of services including tax bill/tax amount procurement, tax processing and delinquency reporting, tax outsourcing and tax redemption
The necessary requirement for manufacturers to abide by governmental regulations on fuel economy and weight standards coupled with tax redemptions
on electric vehicles is expected to positively influence the market for light vehicles, thereby boosting market size for automotive adhesives over the next five years.
Fund houses had argued that redemptions are not distribution of income, and any move to tax redemptions
would amount to double taxation.
The country has created a "free-zone", with offers of multiple tax redemptions