Vodafone hopeful of solution on tax case: Analjit Singh
Vodafone India non-executive Chairman Analjit Singh Thursday exuded confidence that a solution would be found to the Rs 11,200 crore tax liability case.
New Delhi: Vodafone India non-executive Chairman Analjit Singh Thursday exuded confidence that a solution would be found to the Rs 11,200 crore tax liability case.
"We are hopeful of solution," Singh said after meeting Finance Minister P Chidambaram here but refused to provide any further details.
The issue relates to the British firm's acquisition of Indian telecom assets of Hutchison Whampoa.
Chidambaram too had said earlier that the government would find a solution for the tax issue.
Vodafone has been slapped with an income tax demand notice of Rs 11,200 crore on its 2007 acquisition of Hong Kong-based Hutchison Whampoa's stake in its Indian telecom business.
Vodafone had written to the Finance Ministry seeking settlement of the tax issue.
This follows Finance Ministry's reminder notice to the UK-telcom giant Vodafone in January for payment of tax.
The liability arose following the then Finance Minister Pranab Mukherjee amending the Income Tax Act, 1961 with retrospective effect to undo the Supreme Court judgement that had ruled in favour of the company.