Shell India denies $2.8bn share error

Dispute: Shell vows to challenge transfer pricing order

Shell

News Wires

, Upstream Staff

 04 February 2013 04:08 GMT

Shell India has flatly rejected a pending pricing order from Indian tax authorities claiming the Anglo-Dutch supermajor underpriced shares between member companies by some $2.8 billion.

The company has vowed to challenge what its sees as a transfer pricing order that is “based on an incorrect interpretation of the Indian tax regulations and is bad in law,” arguing the move is a capital receipt on which income tax cannot be levied.

 “Recent media reports on tax evasion are baseless and Shell India will challenge this order strongly and is evaluating all options for redress,” said Shell India group chairperson Yasmine Hilton.

Hilton said that Shell in all cases “complies with all applicable local regulations and laws and has also…

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