Shell challenges $1 billion tax demand in Bombay HC
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Shell challenges $1 billion tax demand in Bombay HC

Last Updated: Thursday, April 25, 2013, 22:18
 
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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.

PTI



First Published: Thursday, April 25, 2013, 22:18


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