News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
General »
 Income tax benefits on NPS explained in 5 points
 Why new tax surcharge has stunned foreign portfolio investors
  How to set-off short-term capital gains?
 Tax receipts growing but not fast enough for new government
 How Modi government's budgets have reduced your income tax burden
 Tax department tightens the noose on offenders
 How to set-off short-term capital gains?
 Government to revamp procedure for tax assessment
 I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?
 Stricter rules on dealing with tax evasion kicks in from today
 New income tax rules from today, no escape just by paying penalty

SC says Vodafone to deposit Rs 2500 cr in tax case with in three weeks
November, 15th 2010

The Supreme Court on Monday directed Vodafone to deposit Rs 2500 crore ($550 million) within three weeks in relation to the $2.5 billion tax dispute, a Vodafone spokesman said. The Supreme Court has also fixed Feb 05 as final date of hearing.

Vodafone has also been directed to make a bank guarantee worth Rs 8500 crore ($1.9 billion) within eight weeks, the official said.

Vodafone, fighting a tax bill in India over its 2007 purchase of Hutchison Whampoa Ltd's mobile business in the country, had appealed to the Supreme Court challenging a lower court order that Indian tax authorities had jurisdiction over tax bills in cross-border deals.

The tax office asked Vodafone to pay Rs 11,218 crore ($2.53 billion) within 30 days, but the British firm said it "strongly disagrees" with the calculation.

Meanwhile, The Netherlands has now written to India asking it to consider an alternate dispute resolution that will run parallel to the ongoing court process through what is termed as a Mutual Agreement Procedure (MAP), a government official aware of the development said.

India would examine the request and take a decision in accordance with the provisions of the India-Netherlands double tax avoidance agreement (DTAA), this official added.

MAP is an alternate process of dispute resolution, and is an option available to a taxpayer in addition to and concurrent with the appellate process. However, under MAP, once the proceedings are initiated, it is possible to obtain a stay on the tax demand provided one gives a bank guarantee.

This opens up the possibility of a settlement on the lines of what Vodafone clinched in the UK earlier this year, when it agreed to pay 1.25 billion in taxes to settle a decade-long dispute dating back to 2000 regarding its Luxembourg subsidiary.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions