New Delhi: The Supreme Court dismissed a petition filed by income tax department seeking to tax the Indian operations of the US sports apparels maker Nike Inc at the rate of 5% of the exports.
The apex court bench of Justice A.R. Dave and Justice S.A. Bobde upheld the Karnataka High Court judgement that had accepted Nike’s contention that the multinational firm’s Indian office was only a liaison office to enable the activities of the US multinational corporation. -Cogencis
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