The Indian government last week scored a point in its efforts to ensure Vodafone pays around $2 billion in capital gains tax on its acquisition of mobile phone firm Hutchison Essar earlier this year.
This news comes just weeks after Arun Sarin, the CEO for mobile phone giant Vodafone, played down speculation and controversy surrounding the company's decision to take the Indian Tax Authority to court over the issue.
However, the latest news is that the Bombay High Court has given India's income tax department the green light to go ahead with an investigation into the claim.
Another hearing has been scheduled on the matter for December of this year, according to national and international media reports.
The case has had a high profile, and is being followed closely by multinational firms and commentators alike. Arun Sarin has continually contested the the CGT demand, stating that it is usually the responsibility of the seller to pay, not the buyer.
Mr. Sarin has also argued that Hong Kong-based seller, Hutchison, is outside of India's jurisdiction.
.
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment