HC-ADJOURNS-HEARING-ON-VODAFONE-APPEAL-TILL-JULY-8
The
On May 31, the Income Tax held in a ruling that it had the jurisdiction to tax the transaction. The tax liability of Vodafone is estimated to be around USD 2 billion.
The tax department’s case is that Hutchison made capital gains in the deal, and while paying the purchase amount to Hutchison, Vodafone should have deducted tax on it.
The department had issued a show-cause notice to Vodafone in 2007, which was challenged before the
Source: PTI
