Sticking to its claim that it does not have a tax liability, Vodafone today said it made no capital gains in the USD 11 billion (about Rs 50,000 crore) Hutchison buyout deal and would take necessary action to defend its position.
The Supreme Court today gave the tax department four weeks to work out the liability it is claiming from UK-based Vodafone Group Plc for buying Hutchison Whampoa’s telecom business. The deal involved the Hong Kong-based company’s wireless assets in India.
The next hearing of the case will be on October 25.
The tax department had raised a demand of Rs 12,000 crore from Vodafone.
Vodafone has appealed against the September 8 verdict of the Bombay High Court, which ruled that authorities in India have jurisdiction to seek taxes from Vodafone International Holdings BV on its 2007 purchase of Hutchison?s Indian wireless operations.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018