I-T moves SC to reopen Vodafone case
Indu Bhan: New Delhi, Dec 18 2012, 00:23 IST
McDowell settled this and is the law of the land.”
Subsequent to the January judgment of the SC, the government had introduced retrospective changes in tax laws in Budget 2012-13, seeking to overcome the ruling. With foreign investors expressing concerns, it subsequently set up a panel to review the change in law asserting Indian jurisdiction to tax cross-border deals involving Indian assets.
On January 20, the SC had ruled that Vodafone – which bought Hutchison Telecommunications’s 67% stake in Indian telecom firm Hutch-Essar for $11.2 billion in an entirely offshore deal in May 2007 – could not be taxed since the law did not explicitly provide for taxing offshore transactions.
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