The Hindu Business Line : Vodafone tax case

Vodafone International on Tuesday continued in its stance against the Income Tax Department’s move to impose capital gains tax on the Netherlands-based company in the Bombay High Court saying that it cannot be held liable for taxation as it is the buyer in the transaction. The transaction is the $11.2-billion that Vodafone had paid for acquiring controlling stake in Hutchison Essar India Ltd. This comes a day after senior counsel for Vodafone Mr Iqbal Chagla said in the court that India’s tax laws have been applied retrospectively to Vodafone’s purchase of the controlling stake. “Neither the Essar Group, nor Vodafone, nor Vodafone Essar is liable to pay taxes. It is the seller who should be taxed,” Mr Arun Sarin, the erstwhile Vodafone CEO had told presspersons after the second board meeting in November last year. The high profile hearing began on Monday and is expected to continue till Friday. The counsel for the I-T department is expected to present its side on Wednesday.

— Our Bureau

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