Vodafone wins $2.50 billion tax case tax case in Supreme Court
In a 2.5 billion dollar sigh of relief for Vodafone, and for other companies eyeing assets in India,
the Supreme Court has ruled in favour of Vodafone. The court has said that the Indian tax department
cannot tax the transaction that saw Vodafone acquire 67 per cent stake in Hutchison Essar, a mobile
phone operator in India in 2007. The deal was for 55,000 crores or $11.5 billion.
In a 2.5 billion dollar sigh of relief for Vodafone, and for other companies eyeing assets in India,
the Supreme Court has ruled in favour of Vodafone. The court has said that the Indian tax departme.
“We find that during 2002-11, the Indian arm of vodafone has contributed to Rs 20,242 crore towards
direct and indirect taxes to India. We hold that the offshore transaction was bonafide; hence it was
non-taxable. The structure was not a sham,” says Supreme Court.
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