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Vodafone tax case begins in Mumbai
MUMBAI: Telecom major Vodafone on Monday squarely denied any liability for the capital gains tax arising out of its acquisition of Hutch shares, saying that a share purchase deal between two foreign companies was not taxable in India.
Vodafone, which picked up the stake of Hutchisson in Hutchisson-Essar to form Vodafone-Essar in $11.2 billion deal, is contesting the Income-tax Department’s notice for capital gains tax to the tune of around $2 billion.
The final hearing on Vodafone’s petition started before the Bombay High Court on Monday.
Arguing for Vodafone, senior counsel Iqbal Chagla termed the case as a ‘pathbreaking matter,’ saying that for the first time the IT Department is seeking to collect tax in this way. — PTI
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