Gifted Towers, Genuine Discounts & No TDS on Roaming: ITAT Grants Major Relief to Vodafone

Vodafone West Limited. Vs DCIT (ITAT Mumbai) Mumbai ITAT decided cross-appeals in the case of Vodafone West Limited (formerly Vodafone Essar Gujarat Limited) for AY 2010-11, granting substantial relief to Assessee. Tribunal held that transfer of Passive Infrastructure (PI) assets by way of gift under a court-approved scheme of demerger qualifies for exemption u/s 47(iii) & depreciation cannot be denied by imputing notional consideration. Allegations of tax avoidance, application of GAAR provisions & invocation of section 50D were rejected. Tribunal further held that disallowance of net...