Fiat India judgement & CBEC Circular - Implications, issues and the way forward

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Audio Webcast | Duration: 60 minutes
4 February 2014 at 04:00 p.m. to 5:00 p.m. (IST)


The judgment of the Supreme Court in the case of Fiat India had created an upheaval in the trade as it was seen as a reversal of the settled position of law for Central Excise valuation. A flurry of investigations across industry sectors were initiated by the Central Excise Department relying on the Fiat India judgment by questioning the sanctity of the accepted 'Transaction Value'. The fear of the industry that this judgment will lead to re-opening of settled positions came true with the issuance of Show Cause Notices against many a assessee. A recent Circular (No 979/03/2014-CX dated 15 January 2014), issued by the Central Board of Excise and Customs (CBEC) has dispelled many myths around the Fiat India judgment but a range of issues still require clarification and Show Cause Notices continue to be issued by the department. The webcast will focus on practical aspects and strategies to deal with issues arising out of the Fiat India judgment and the Circular.

Join us for a 60 mins. LIVE audio webcast, where Harishanker Subramaniam, Partner & National Leader- Indirect Tax Services, EY will lead a discussion on this circular, its impact on the ground with guest speaker Tarun Gulati, Partner from a leading law firm PDS Legal.

Panelists/ Presenters:

EY - Harishanker Subramaniam

Harishanker Subramaniam

Partner & National Leader – Indirect Tax Services

Harishanker (Hari) leads our Indirect Tax Practice. He has been an entrepreneur, has hands on experience in the industry and Big 4 for over 25 years.

Hari has advised and assisted various multinational companies on resolution of import pricing at arms length on customs special valuation representations, export incentive programs, besides assisting in setting up of Export Oriented Units (EOU), Software Technology Parks (STP) and Special Economic Zones (SEZ). He also holds expertise in advising EPC companies for bid evaluation on contracts and highlighting the key impact from an indirect tax perspective. He has been involved across diverse industries namely oil & gas, automotive, telecom, information technology, media & entertainment, infrastructure & real estate, advising clients on cross border transactions, tax structuring, tax efficient supply chains and so on.

EY - Tarun Gulati

Tarun Gulati

Partner, PDS Legal

"Based in Delhi, Tarun has over 18 years of experience as a lawyer, and is widely recognised for tax and regulatory litigation amongst clients, peers, and in the legal fraternity. Prior to joining PDS Legal, Tarun was a Partner at Economic Laws Practice (ELP). Tarun has successfully represented numerous high profile complex cases at the Supreme Court and various High Courts. He regularly appears before Adjudicating Authorities and Appellate Tribunals dealing with special laws. He was associated with the chambers of Mr. Joseph Vellapally, Senior Advocate, an eminent counsel practising at the Supreme Court.

Tarun is a qualified Chartered accountant and a Law Graduate. He is member of the Indirect tax committee, PHD Chamber of Commerce, Member of the Supreme Court Bar Association and the High Court Bar Association. He contributes with articles in the Asia Law Review and has regularly addressed seminars on the matters related to tax and budget. "