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Indian Tax Tribunal To Hear Vodafone Case

by Mary Swire, Tax-News.com, Hong Kong

12 February 2014


India's Income Tax Appellate Tribunal has been instructed to hear Vodafone's INR37bn (USD594.97m) transfer pricing case without delay.

The Bombay High Court told the Tribunal that it must deal with the suit on a daily basis from now until February 21. The Tribunal had been scheduled to discuss the issue on March 21.

Vodafone stands accused of undervaluing shares transferred between two of its subsidiaries, Vodafone India and Vodafone Teleservices Mauritius during the 2007-08 financial year. Last September, the High Court requested that the Income Tax Department delay the issue of a final assessment order. In December, the Tribunal stayed the demand for a further six months.

Vodafone was also told to pay an initial deposit of INR2bn, and make corporate guarantees for the entire sum due.

The Department petitioned the Court, calling for Vodafone to pay a higher amount of the overall demand as a deposit. Its solicitor, K. Setlavad, confirmed to reporters last week that the Department had requested a sum of at least INR5.4bn. He added that the department had "a substantial case against Vodafone India."

Vodafone has already settled the initial INR2bn demand.

TAGS: court | compliance | tax | tax compliance | India | Mauritius | tax avoidance | revenue guidance | tax authority | legislation | tax planning | transfer pricing | tax rates | revenue statistics | services

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