The Supreme Court today ruled in favour of Vodafone in the $2 billion tax case saying capital gains tax is not applicable to the telecom major. The apex court also said the2,500 crore which Vodafone has already paid should be returned to Vodafone with interest.
“The government has no jurisdiction over Vodafone’s purchase of mobile assets in India as the transaction took place in Cayman Islands between HTIL & Vodafone,” the Supreme Court Chief Justice S.H. Kapadia said.
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