Vodafone - Page 4

SC to Vodafone – Appear before IT in tax case

The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. A three-judge bench headed by Chief Justice S H Kapadia asked the company to file its r...

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Posted Under: Income Tax |

Supreme Court to hear Vodafone plea for protection penal action by I-T Dept

The Supreme Court would hear tomorrow a plea by Vodafone challenging the I-T Department initiating penalty proceedings in the $ 2 billion tax case relating to the company's stake purchase in Hutchison-Essar. Voadfone's application would be mentioned before a three judge bench headed by the Chief Justice S H Kapadia. Earlier, the I-T depar...

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Posted Under: Income Tax |

Vodafone buys Essar's stake for $5 bn; may exceed FDI limit

UK-based Vodafone on Thursday acquired 33 per cent stake of its Indian partner Essar in the joint venture Vodafone Essar for USD 5 billion and may go for a new ally or opt for public offering to remain FDI compliant. "Currently we (Vodafone) are having 42 per cent stake in Vodafone Essar and after acquiring Essar's additional 33 per cent...

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Posted Under: Income Tax |

Vodafone to pay 5 billion Dollar for buying out Essar in India; company could consider IPO in India

Vodafone, the world's largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship. Vodafone, which has faced a host of problems since entering the fiercely competitive market in 2007, will take over Essar's 33 per cen...

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Posted Under: Income Tax |

Govt slaps Rs 700 cr fine on telcos for violation of laws

Acting tough, the government has imposed fines worth Rs 700 crore on various telecom operators for carrying out illegal and clandestine activities in their services, particularly for non-compliance of the subscriber verification process. The penalty was imposed by Telecom Enforcement , Resource and Monitoring (TERM) Cells till January 20...

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Posted Under: Income Tax |

No tax liability on Hutchison deal – Vodafone

"Vodafone Group's position has not changed with regard to the tax case and we continue to believe that there is no tax to pay on this transaction...Vodafone will continue to defend its position vigorously and will look forward to the matter being reviewed in full by the Supreme Court on July 19," Vodafone said in a statement....

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Posted Under: Income Tax |

Sibal to discuss spectrum, Merger and Acquisitions with telcos

Telecom Minister Kapil Sibal is likely to meet industry players on Tuesday in order to reach a consensus on issues, including licencing, spectrum allocation, spectrum sharing and mergers and acquisition. ...

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Posted Under: Income Tax |

TRAI 2G pricing recommendations illogical- Vodafone

Instead of introducing a consistent approach to pricing of spectrum, the Telecom Regulatory Authority of India (TRAI) recommendations actually seek to introduce radically different approaches to charging for spectrum and despite the fact that all operators compete in the same market, the telecom major said in a statement. ...

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Posted Under: Income Tax |

Sale price of shares cannot be apportioned towards transfer of controlling interest, where there is no express written understanding

Asstt. Commissioner of Income-tax, Circle-7 Vs M/s. R.K.B.K Fiscal Services Ltd (ITAT Kolkata)

The argument that “controlling interest” was transferred with the shares was not acceptable as the share purchase agreement had been signed by the Power of Attorney (“POA”) holder. In the absence of the copy of the same, which would determine whether...

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Vodafone’s ruling can be used in favor of assessee if supported by proper documentation

The Bombay High court in the case of Vodafone International BV [Writ Petition No. 1325 of 2010] had inter alia held that the ‘controlling interest’ in an Indian Company is by itself a capital asset, the transfer of which is liable to taxes in India. As there was admittedly a transfer of controlling interest in the Hutchison India by H...

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Posted Under: Income Tax |

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