Within days of getting a favourable verdict in the Rs 8,500 crore transfer pricing case from the Bombay High Court, Vodafone Group CEO Vittorio Colao will call on Finance Minister Arun Jaitley this week.
Bombay High court has given their final verdict on Vodafone case where they have favoured the side of Vodafone.The case was about 3700 crore tax that was asked between 2008-2009. Check out our full report on the whole case.
As the government faces yet another arbitration over tax disputes, Telecom Minister Ravi Shankar Prasad Wednesday said the Vodafone tax issue could have been handled differently but emphasised that the whole taxing scenario in India should not start with and end with Vodafone.
UK-based telecom giant Vodafone Group will hold a board meeting in the capital Saturday where it is likely to discuss topics ranging from review of its Indian business to provisioning of funds for the upcoming spectrum auction.
The Tax Department on Thursday asked its field officers not to pursue transfer pricing cases similar to Vodafone's, a move being seen as a major relief to multinationals fighting such cases involving tax demands of thousands of crores of rupee.
The government deciding not to appeal against a high court order in Vodafone case will help in correcting perception about tax department and lift the sentiment of global investors, industry said Wednesday.
Wooing overseas investors, government Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
Industry chamber FICCI Wednesday welcomed Attorney General Mukul Rohatgi asking the Income Tax Department not to file an appeal against the Bombay High Court judgement in the transfer pricing case of Vodafone.
Attorney General Mukul Rohatgi has asked the Income Tax Department to desist from filing appeal against the Bombay High Court ruling that Vodafone is not liable to pay an income tax demand of Rs 3,200 crore in a case relating to transfer pricing.
The Finance Ministry Monday said it has moved the Cabinet for withdrawing from conciliation proceedings to resolve the tax row with Vodafone after the UK-based telecom firm served notice of arbitration.