• CONTEST ALERT - Experience the power of DDR5 memory with Kingston Click for details

Vodafone-Hutchison deal: Vodafone wins Rs 11,000 crore tax case

ico

Super Moderator
Staff member
NEW DELHI: In a major victory to Vodafone International Holdings, the Supreme Court on Friday set aside the Bombay high court judgement asking the company to pay income tax of Rs 11,000 crore, holding that tax authorities do not have jurisdiction on an overseas transaction.

A three-judge bench headed by Chief Justice S H Kapadia held that the IT department has "no jurisdiction" to levy tax on overseas transaction between companies incorporated outside India.

Justice K S Radhakrishnan, who wrote a separate judgement, concurred with the findings of the Chief Justice and Justice Swatanter Kumar saying the companies (Vodafone and Hutchison) are incorporated outside and their transaction outside India has "no underlying nexus" with tax authority here.

"Vodafone has no obligation under section 163 clause 1 (c) of Income Tax Act," Justice Radhakrishnan said.

The court asked the IT department to return Rs 2,500 crore deposited by Vodafone, in compliance of its interim order, within two months along with 4 per cent interest from the date of withdrawal of the money by the tax department.

Source: Vodafone-Hutchison deal: Vodafone wins Rs 11,000 crore tax case - The Times of India

Comments:

Sudarshan said:
Hi, how much the company paid to each of these Judges and the Congress party and politicians, these co's created outside India was just to divert the funds.

Now the IT will harass the common man to recover the 11000 crores to meet targets and pressure from these same linked Government. Ultimately as always, we have to bear the brunt and all the tops get away with everything in our Bharat Mahan.

CJ Pankaj Sharma said:
this judgement by the apex court has increased the faith in the indian judicial system. places like cayman islands can now be used by corporates without worrying about the taxability of the transaction.....atleast till the income tax law is amended to plug this loophole. the saying that Rs. 11,000 crore would have benefited millions of indians is absurd.... we are not dependent on this money. and moreover the scams by our ministers is much bigger thing to worry about.

pay 2000 crores to chidambrum and win the case. is it not obvious people? or do you all think rss is involved? and saffron terror is destroying the nation?

Loss of 11k crores to the exchequer for country's image management.

Sachin said:
after all its congress government, any thingi s possible if madam wills. our judicary systems are controlled by this government. we have latest example of kalmadi's bail, they need him in pune elections he got bail

dj said:
What else can happen in a shameless country which is run by incompetent, corrupt and shameless tail wagging bureaucrats. The reservationists have destroyed every good thing the British left behind. Chamchbazi zindabad

:cool:
 

Dhrumit

Right off the assembly line

Hey friends...

Got an interesting thing to ask you all...

Is it viable to ask for taxes to any individual for any of the deal made six years back for which no kind of taxes exist at that time... At number of places we are making efforts to attract foreign investors at we blow their hard driven trust by making such kind of non justice to them... Isn't it incorrect for our International image...???
 
Top Bottom