BIG BLOOW FOR VODAFONE S.C UPHELDING DECISION OF BOMBAY HIGH COURT CONFIRMING TAX IS PAYABLE BY VODAFONEFON VODAFONE-HUTCHISSION MERGER WHICH VODAFONE CLAIMED THAT THEY HAD BOUGHT 67% SHARE IN HUTCH THROUGH A DUTCH COMPANY SO IT IS NOT TAXABLE .....NOW CROSS BORDER M&A IS TAXABLE AS PER INDIAN INCOME TAX ACT WHERE THER IS NO DOUBLE TAXATION AVOIDANCE AGREEMENT
IT IS A BLOW OF RS.12000CRORE FOR VODAFONE......AND GOOD NEWS FOR INCOME TAX DEPT....
SOECIFIC PROVISION IN THIS RESPECT DOES NOT EXIST IN INDIAN INCOME TAX ACT,1961 SO THIS ISSUE IS FINALLY DECIDED BY S.C
SPECIFIC PROVISION IN THIS RESPECTN IS MADE IN DTC......
CAclubindia
