Shell challenges $1 billion tax demand in Bombay HC
Mumbai: Global oil major Royal Dutch Shell Thursday said it has moved the Bombay High Court here, challenging the USD 1 billion demand made by the tax authorities on a four-year-old equity infusion.
"Shell confirms that it has filed a writ petition in the Bombay High Court challenging the draft tax order," the Anglo- Dutch oil major said in a statement. The company "will continue to evaluate all options for redress available to resolve this tax dispute", it said.
In February, company officials had said that the tax authorities have raised a demand of USD 1 billion (about Rs 5,400 crore) on an equity infusion of USD 160 million (about Rs 870 crore).
Terming it as "absurd" as it was tantamount to a tax on foreign direct investment, the company's India unit head Yasmine Hilton had said that it will challenge the demand.
Details of the writ petition could not be ascertained.