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?
CAclubindia
