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The comprehensive guide to the world's leading tax firms

BMR Advisors - Taxand maintained its position as a top-tier tax advisory, transaction and controversy firm. Gokul Chaudhri is the head of tax, with 17 partners and 248 fee earners in the international tax team. Mukesh Butani, Chaudhri's predecessor, ... [more]

BMR Advisors - Taxand maintained its position as a top-tier tax advisory, transaction and controversy firm. Gokul Chaudhri is the head of tax, with 17 partners and 248 fee earners in the international tax team. Mukesh Butani, Chaudhri's predecessor, who has now become chairman of the firm, has received much praise from peers for his transfer pricing work.

Chaudhri and Sumit Singhania advised a global energy leader on the restructuring of an Indian joint venture. The work included evaluating alternatives for shareholding restructuring, representation before the foreign investment regulatory authority and discussions with the state government. The deal provided the client with a clear tax efficient strategy to re-align its shareholding structure in a complex environment, and for planning business expansion for the joint venture.

The tax team also advised clients on their acquisitions of Indian businesses and related trade marks held offshore. Issues involved the tax and regulatory implications arising in India concerning alternate modes of acquisition and funding, potential tax implications of the acquisition of offshore trade marks and alternative tax efficient acquisition structures.

For several years running, Deloitte has expanded the size of its tax team at senior level. Head of tax M Lakshminarayanan has been growing the practice through lateral hiring, in particular. Joining from the revenue authorities in January 2011, independent ... [more]

For several years running, Deloitte has expanded the size of its tax team at senior level. Head of tax M Lakshminarayanan has been growing the practice through lateral hiring, in particular. Joining from the revenue authorities in January 2011, independent counsel Girish Dave is a key addition to the team with his relationships with and knowledge of government authorities.

Senior director Hemal Mehta advised both a global US-based private equity fund on its investment in an Indian thermal power generating company, and on chemical manufacturer Rhodia's investment in polymer compounding firm PI Industries. The transactions involved tax due diligence services and tax structuring.

Clients include some of the largest firms in industry sectors including petroleum, vehicle manufacturing, steel manufacturing, an airline company, infrastructure finance, hotels and IT services.

Sudhir Kapadia has taken over from the experienced Srinivasa Rao as Ernst & Young's national tax leader. Rao has moved on to a firm-wide role as head of the firm's technology, communications and entertainment business unit. The firm has overseen three ... [more]

Sudhir Kapadia has taken over from the experienced Srinivasa Rao as Ernst & Young's national tax leader. Rao has moved on to a firm-wide role as head of the firm's technology, communications and entertainment business unit. The firm has overseen three lateral partner hires from PwC and one from BMR Advisors in the last 12 months.

The team provided tax advice to IT firm iGate in January 2011 on its $1.2 billion acquisition of a majority stake in Patni Computer Systems. Advice was also provided to Apax Partners, a private equity and venture capital firm, for their partial funding of the acquisition. Key issues included multi-jurisdictional cross-border transactions, project management and coordination, understanding the Indian regulatory landscape, and balancing commercial, tax and regulatory requirements.

Ernst & Young has been involved in several controversy matters. Rajan Vora, K T Chandy and Chavali Narayan advised a client seeking an advance ruling about whether a foreign company lacking a business presence in India is subject to minimum alternate tax (MAT) on long-term capital gains on sales of shares. The Authority for Advance Rulings (AAR) used previous rulings to decide that the provisions of a MAT were applicable to foreign companies. Ernst & Young argued that the foreign companies in the previous rulings had a presence in India, while the client in this case has no physical presence in India. The authorities ruled in favour of the client and stated that the provisions of the MAT were not applicable.

After this ruling, the firm's litigation team obtained a similar ruling in another case. In this instance, the authorities also held that there is no capital gains tax in India on the transfer of shares in the Indian company, since the client is a tax resident of Mauritius.

KPMG has had an impressive year on the back of several years of expansion, firmly cementing its spot as a tier 1 tax firm. The tax practice is led by the experienced Dinesh Kanabar and Uday Ved, both highly recommended by peers for their corporate tax ... [more]

KPMG has had an impressive year on the back of several years of expansion, firmly cementing its spot as a tier 1 tax firm. The tax practice is led by the experienced Dinesh Kanabar and Uday Ved, both highly recommended by peers for their corporate tax work.

Girish Vanvari is leading a team advising Cairn Energy on the proposed Rs312.5 billion ($6.88 billion) sale of a bulk of its stake in Cairn India, an Indian listed company, to Vedanta Resources. The team is advising on the Indian income tax aspects of the deal, reviewing the share purchase agreement and related documents, and dealing with the tax authorities.

National transfer pricing leader Rohan Phatarphekar has helped strengthen the firm's reputation in this area. Phatarphekar's team comprises more than 175 professionals spread across seven locations in India.

Senior partner KR Girish and Hardev Singh assisted a client strategise and file a mutual agreement procedure (MAP) application in relation to a transfer pricing dispute. The MAP offered an effective alternate dispute resolution mechanism and also alleviated the immediate financial burden that arose from tax demands. Girish and Singh sought to resolve the dispute through a MAP under the India-US tax treaty. The application was successfully filed within the defined time-frame and the client obtained a stay on its tax liabilities.

PwC's tax department is led by Ketan Dalal, who is recommended for cross-border structuring, and Shyamal Mukherjee, who is highly regarded for his transfer pricing work. Vivek Mehra is recommended by peers as an M&A specialist, while S Madhavan has received ... [more]

PwC's tax department is led by Ketan Dalal, who is recommended for cross-border structuring, and Shyamal Mukherjee, who is highly regarded for his transfer pricing work. Vivek Mehra is recommended by peers as an M&A specialist, while S Madhavan has received praise for his knowledge in indirect tax.

Spread across nine offices in India, the team comprises 54 partners and about 1,100 fee earners, with more than 350 professionals working on international tax. In late 2010 several new partners joined the firm, including B Sriram and Vivek Mishra from Ernst & Young, Jai Mavani from KPMG and Alok Saraf from Reliance Industries.

Mehra and Hemal Uchat advised a multinational corporation looking to acquire a leading provider of finance and accounting outsourcing services. The acquisition required a tax efficient structure to mitigate tax costs. The recommended structure was so the client's US special purpose vehicle could be merged with the target. The structure gave the target beneficial tax treatment in the US, while minimising controversial tax positions for the client and adding flexibility for post-transaction consolidation.

Sunil Gidwani advised a local client on the sale of its housing finance subsidiary to another Indian company in the sector. Worth about $240 million, the acquisition was the largest ever in the industry in India. Commercial considerations finally drove the client to sell its shareholding in the subsidiary. Gidwani and his team advised the client through the entire process, from coming up with options to the implementation of the transaction. Key issues included capital gains tax implications arising from the sale transaction. The deal was concluded with a clear resolution of the tax issues.

Aseem Chawla leads the tax department at Amarchand & Mangaldas. One of the largest law firms in India, the firm handles all aspects of international tax but places an emphasis on dispute resolution.Chawla and Surabhi Singhi are offering tax advice and ... [more]

Aseem Chawla leads the tax department at Amarchand & Mangaldas. One of the largest law firms in India, the firm handles all aspects of international tax but places an emphasis on dispute resolution.

Chawla and Surabhi Singhi are offering tax advice and litigation services to Hutchison Telecommunications International, a Hong Kong company, about the proceedings pending before the tax authorities concerning the $11.1 billion sale of its majority holding in Hutchison Essar to Vodafone. The deal highlights the tax issues that surround offshore transactions involving investments in India. The outcome of this deal is likely to affect indirect transfers outside India and could have an unprecedented impact on foreign direct investment.

Chawla and the respected Amit Singhania advised Asian Hotels in November 2010 on the $88 million acquisition of a stake in a Mauritius entity.

In its 10th year of operation, ELP Advocates & Solicitors has positioned itself as one of the leading law firms in India. ELP was initially recognised for its indirect tax work when it started, but has sought to strengthen its direct tax practice recently.Rohan ... [more]

In its 10th year of operation, ELP Advocates & Solicitors has positioned itself as one of the leading law firms in India. ELP was initially recognised for its indirect tax work when it started, but has sought to strengthen its direct tax practice recently.

Rohan Shah heads the tax department, and is highly recommended in indirect tax. The team comprises 12 partners and 57 fee earners, with more than 25 professionals joining in the last 12 months. New addition Ajit Tolani will lead the transfer pricing practice.

Shah and Pranay Bhatia assisted a global electronics leader in January 2011 in identifying an optimal tax structure for its acquisition of another business. A key issue involved mitigating capital gains tax.

Shah, Tarun Gulati and Anay Banhatti are representing a top global law firm in a dispute concerning permanent establishment (PE) in India and the taxability of the firm's profits on Indian projects.

Grant Thornton's tax and regulatory services include international tax, domestic direct and indirect tax, compliance, tax due diligence and transfer pricing. The team also advises on US tax, including planning, US tax due diligence, and M&A.Partner Karishma ... [more]

Grant Thornton's tax and regulatory services include international tax, domestic direct and indirect tax, compliance, tax due diligence and transfer pricing. The team also advises on US tax, including planning, US tax due diligence, and M&A.

Partner Karishma Phatarphekar is known for her transfer pricing work.

Khaitan & Co is a well-known full service law firm in India. Its direct and indirect tax practice comprises seven partners and 20 fee earners. Partner Ketan Kothari joined the firm from Thakkar & Thakkar in January 2011.The firm's tax professionals work ... [more]

Khaitan & Co is a well-known full service law firm in India. Its direct and indirect tax practice comprises seven partners and 20 fee earners. Partner Ketan Kothari joined the firm from Thakkar & Thakkar in January 2011.

The firm's tax professionals work on corporate tax, M&A, fund structuring, dispute resolution and regulatory advice.

The tax team is advising several foreign clients on approaching the AAR about the determination of their tax positions in India under applicable tax treaties.

Daksha Baxi and Sanjay Sanghvi advised and represented E*TRADE Mauritius before the AAR, obtaining a favourable ruling by applying the India-Mauritius tax treaty. Baxi and Sanghvi were able to win E*TRADE a tax refund in a quick time-frame, though the tax authorities have subsequently applied to have the case heard by the Supreme Court.

Khaitan & Co has also been working with several other Indian firms on tax controversies.

Founder Bansi Mehta runs the well established law firm Bansi S Mehta & Co. Mehta is an experienced and influential tax lawyer, highly regarded for his M&A and indirect tax work.The firm's knowledgeable partners work on matters including income tax, corporate ... [more]

Founder Bansi Mehta runs the well established law firm Bansi S Mehta & Co. Mehta is an experienced and influential tax lawyer, highly regarded for his M&A and indirect tax work.

The firm's knowledgeable partners work on matters including income tax, corporate law, business restructuring, tax disputes and representing clients before various authorities.

Rajesh Kapadia leads the GM Kapadia & Co tax team comprising nine partners and 10 other fee earners. Kapadia is recommended for his M&A and cross-border structuring work, while Ashwin Damania is known for specialising in cross-border tax.Damania and ... [more]

Rajesh Kapadia leads the GM Kapadia & Co tax team comprising nine partners and 10 other fee earners. Kapadia is recommended for his M&A and cross-border structuring work, while Ashwin Damania is known for specialising in cross-border tax.

Damania and transfer pricing partner Harsh Shah are advising a client on structuring outbound investment from India through a network of holding and operating companies. The team developed a tax efficient structure for making investments into operating entities in nine countries across four continents.

Rajesh and Surin Kapadia helped a foreign institutional investor relocate its operations from Mauritius to Singapore. The pair helped the client establish a presence in Singapore in a tax efficient manner with minimal operational inconveniences, while maintaining a balance between the provisions of the double taxation avoidance agreements between India and Mauritius and India and Singapore.

Milind Kothari leads the tax team of six partners and 34 fee earners at MZS & Associates. Services include direct and indirect tax, transactions advisory, audit & assurance, corporate finance and business advisory.The firm is the Indian member of ASNAF, ... [more]

Milind Kothari leads the tax team of six partners and 34 fee earners at MZS & Associates. Services include direct and indirect tax, transactions advisory, audit & assurance, corporate finance and business advisory.

The firm is the Indian member of ASNAF, an alliance of accounting firms in several countries the Asia-Pacific region.

Kothari oversees the firm's direct tax practice, and advises clients on international tax, transfer pricing and outbound investment strategies. Zulfiqar Shivji oversees the firm's transactions advisory practice, specialising in valuations, mergers and demergers. Partner Jayesh Gogri, who deals with indirect tax, joined the firm in November 2010.

Kothari advised a German multinational in March 2011 on its debt structure regarding its acquisition of a controlling stake in an Indian company. In a tax optimisation assignment, Kothari identified the tax inefficiency in the group, and advised the client on restructuring the business arrangement to reduce the overall tax cost. The potential tax saving from the restructuring is estimated at $33 million.

Nishith Desai and Bijal Ajinkya lead the tax practice at Nishith Desai & Associates. Desai has been praised by many in the tax profession for his expertise in international tax and corporate law.The firm's tax lawyers are experienced in advising on structuring ... [more]

Nishith Desai and Bijal Ajinkya lead the tax practice at Nishith Desai & Associates. Desai has been praised by many in the tax profession for his expertise in international tax and corporate law.

The firm's tax lawyers are experienced in advising on structuring and strategic tax planning, particularly regarding cross-border transactions. The team also handles tax controversy cases.

Desai and Ajinkya are advising a large private equity client on a transfer pricing assessment, where the arm's-length price is being challenged by the tax authorities. Innovative approaches implemented include the introduction of transfer pricing cross-examination, using economists to support the arm's-length price charged, and the use of foreign comparables.

Sudit K Parekh's tax practice comprises eight partners and 108 other professionals. The tax department is run by Sudit Parekh, while Sudhir Nayak leads the international tax and transfer pricing practices.The firm has advised clients on direct and indirect ... [more]

Sudit K Parekh's tax practice comprises eight partners and 108 other professionals. The tax department is run by Sudit Parekh, while Sudhir Nayak leads the international tax and transfer pricing practices.

The firm has advised clients on direct and indirect tax matters, PE exposure of overseas clients undertaking contracts with Indian customers, structuring business models and devising the transfer pricing policy for overseas companies operating in India. The team has advised up to 150 clients on transfer pricing issues.

Nayak and Maulik Doshi advised a manufacturing and distribution client on an appeal about appropriate methods to determine the arm's-length price of the international transaction of purchasing raw materials. The transfer pricing officer rejected the client's cost plus method as the most appropriate, arguing that transaction net margin method was most appropriate.

Nayak and Doshi successfully contested before the Income Tax Appellate Tribunal that the cost plus method was in fact the most appropriate in determining the arm's-length price. The benefit to the client is worth $5 million over six years.

Sharad Jain is the international tax head at TP Ostwal & Associates, and works with three other partners and 20 professionals. Senior partner TP Ostwal is a renowned figure in the industry for his transfer pricing work.The firm advises on investments, ... [more]

Sharad Jain is the international tax head at TP Ostwal & Associates, and works with three other partners and 20 professionals. Senior partner TP Ostwal is a renowned figure in the industry for his transfer pricing work.

The firm advises on investments, corporate law, audit and investigations, exchange control regulations, M&A, domestic and international tax, strategic planning, compliance and service tax matters.

Ostwal, Jain, Mukesh Rathod, and Vishesh Agarwal are advising a client on a transfer pricing dispute where substantial profits of an overseas subsidiary have been attributed and reallocated to an Indian parent company. Several legal issues concerning Indian transfer pricing regulations will be tested for the first time before the Indian High Court.

Since its inception in 1971, Vaish Associates Advocates has served a diverse clientele. The firm has operations in Delhi, Gurgaon, Mumbai, and Bangalore, offering tax services including M&A, business restructuring, indirect tax, international tax, litigation ... [more]

Since its inception in 1971, Vaish Associates Advocates has served a diverse clientele. The firm has operations in Delhi, Gurgaon, Mumbai, and Bangalore, offering tax services including M&A, business restructuring, indirect tax, international tax, litigation and transfer pricing.

Managing partner Ajay Vohra heads the firm's tax practice, with more than 26 of experience in domestic and international tax, including transfer pricing. He has been involved in several complex cases before the court, covering a wide range of tax issues.

Indirect tax leader Shammi Kapoor specialises in sales tax, VAT and excise tax. He regularly advises clients on indirect tax issues, compliance and VAT audits. Vinay Vaish oversees the firm's corporate, litigation and advisory arms in New Delhi, with experience in handling commercial, corporate and tax litigation issues.

Baker Tilly Singhi is an independent member of the Baker Tilly International network of accountancy and business advisory firms. The firm has worked on a great deal of multinational tax work. The firm has offices in New Delhi, Mumbai, Chennai, Kolkata ... [more]

Baker Tilly Singhi is an independent member of the Baker Tilly International network of accountancy and business advisory firms. The firm has worked on a great deal of multinational tax work. The firm has offices in New Delhi, Mumbai, Chennai, Kolkata and Guwahati, and is also represented in other key Indian cities.

Managing partner Akil Hirani and N Raja Sujith run the tax practice at Majmudar & Co. The tax practice has developed as a separate independent revenue centre. Ravishankar Raghavan joined the team from Ernst & Young in September 2010.The firm runs a direct ... [more]

Managing partner Akil Hirani and N Raja Sujith run the tax practice at Majmudar & Co. The tax practice has developed as a separate independent revenue centre. Ravishankar Raghavan joined the team from Ernst & Young in September 2010.

The firm runs a direct and indirect tax advisory practice, with a clientele of leading domestic and global companies, banks and financial institutions. Prominent tax issues often include PE analysis, fund structuring, structuring investment inflows and outflows, withholding taxes, customs duty, service tax and VAT.

Hirani and Raghavan advised several clients on both offshore and onshore tax structuring. The pair is also advising a client on offshore investment structures and complex PE issues in light of the proposed DTC.

S R Dinodia & Co operates out of New Delhi. Pallavi Dinodia leads the international tax team comprising 12 fee earners who advise on all aspects of taxation including structuring, double tax avoidance and transfer pricing. The team has also handled complex ... [more]

S R Dinodia & Co operates out of New Delhi. Pallavi Dinodia leads the international tax team comprising 12 fee earners who advise on all aspects of taxation including structuring, double tax avoidance and transfer pricing. The team has also handled complex litigation and won many cases before the tax authorities.

Despite its small size, S R Dinodia has worked with noteworthy clients including Rolls-Royce and Panasonic. The firm was also engaged as valuers in the Vodafone case, where the team gave a certificate for the value of the rights and obligations transferred under the tax laws in India.

Vispi T Patel & Associates is a boutique tax firm specialising in direct tax, international tax, transfer pricing, litigation and exchange control regulation matters. Founder Vispi Patel is highly respected for his transfer pricing work.Patel runs the ... [more]

Vispi T Patel & Associates is a boutique tax firm specialising in direct tax, international tax, transfer pricing, litigation and exchange control regulation matters. Founder Vispi Patel is highly respected for his transfer pricing work.

Patel runs the practice with the experienced Rajesh Athavale. The team has been particularly active in transfer pricing over the last year, representing numerous clients on transfer pricing audits and negotiating on adjustments to prior fiscal years.