Revenue to appoint Special Counsel for Marketing Intangibles case?

As we have been reporting earlier, the high profile case on marketing intangible adjustment has reached Delhi HC and both taxpayers and Revenue are waiting for its resolution with great expectations.

 

We learn that Former DG-International Tax, Advocate G. C. Srivastava is likely to be appointed as Revenue's counsel in this matter. Mr. Srivastava argued Revenue's case successfully before ITAT Special Bench in LG Electronics case. Therefore, it is not surprising for Revenue to have approached him. It gives a clear indication that Revenue is taking this case with utmost seriousness and has gone in for a Counsel who knows the facts inside out. 

 

At the same time, quite a few were expecting Revenue to engage a Senior Advocate in this high stakes matter.  The fact that they haven't done so and opted instead for Mr. Srivastava, is again a reflection of the complexity of the matter and preference of continuity over adventure by Revenue.

 

Hearing before Delhi HC is likely to take place in 4th week of July and with galaxy of senior counsels representing an array of taxpayers, it sure will be keenly followed by tax fraternity. We of course will get you minute by minute details of those hearings!

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