Recently Income Tax Department demanded Rs. 32,000 Crore from Vodafone for Capital Gain on transfer of business in 2007.
In 2012, the Hon'ble Supreme Court decided in favour of Vodafone for Rs. 11,000 Crore demand and held that no tax is payable by Vodafone.
Now how could department demand this Rs. 32,000 Crore ?Is this because of Retrospective effect of the Indirect Transfer provision made by Finance Act 2012?
IT has asked from Hutchinson Holdings limited - a Hongkong based Co. rs 7900 cr is Tax Rs 16430 cr as Interest and 100% penalty Rs 7900cr. Pranab Mukherji had brought in a bill which is valid retrospectively. Vodafone and Hutchinson both have gone to International courts.
Naveen Fintech Pvt Ltd
Kolkata
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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