Vodafone on Friday said that the changes to the tax regime as specified in the Finance Bill was grossly unjust.
"The proposed changes seek to apply, on a retrospective basis, tax liabilities which explicitly were not countenanced under Indian law in force at the time of the transaction between Vodafone and Hutchison," the British telecom major said in a statement.
"These facts have been examined in detail by the highest court in the land, which delivered an unambiguous judgment affirming that there is indeed no tax due on the transaction – a conclusion reiterated in the Supreme Court’s rejection of the Government’s recent review petition," it added.
Vodafone said that since it was the acquirer in this transaction, the company made no capital gain whatsoever.
"The proposed changes in the Finance Bill fundamentally contradict the firm conclusions of the apex court and as such raise important constitutional questions for India as well as widespread and profound concerns in the minds of international investors," Vodafone said.
The telecom company said that it was considering a number of courses of action, both in India and internationally.