Latest News
-
Mandatory Testing for Indian Spices Destined for Singapore, Hong Kong After Ban -
TRAI Advocates for Enhanced Telecom Infrastructure Sharing Among Licensees -
LTIMindtree Reports Slight Q4 Profit Dip, Optimistic About Upcoming Growth -
Axis Bank Announces Q4 Net Profit at Rs 7,599 Crore Amid Deposit Accretion Worries -
hBits Expands to Pune with CyberCity Magarpatta Acquisition, Eyes Investment Opportunities -
India's First Green Hydrogen Pilot Project Goes Live at Nathpa Jhakri -
DCB Bank Q4 Results: PAT Grew 9% To Rs 156 Cr, NII Jumps 4.5%; Dividend Declared -
RBI Halts New Customer Onboarding at Kotak Mahindra Bank Over IT Compliance -
Macrotech Developers' Annual Profit Triples Despite Q4 Dip -
DoT Engages TRAI for Equitable Satcom Spectrum Allocation Guidelines
Fresh government battle with Vodafone likely
Finance Minister, Pranab Mukherjee in Parliament said, “There cannot be a situation where somebody will make huge capital gains on the assets located in India and will not pay tax to either India or the country of origin by making some arrangements through tax haven locations through a complicated setting up of series of subsidiaries.”
In May 2007, Vodafone had purchased Hutchison Telecommunications International Ltd’s 66.98% stake in Indian telecom company Hutch Essar Ltd for $11.2 billion (around Rs.52,300 crore). Hutchison controlled its Indian telecom subsidiary through a Cayman Island company called CGP. CGP’s shares were sold to Vodafone, which consequently became majority owner of the Indian telecom firm. No capital gains tax was paid.
The government and Vodafone battled the matter in the Supreme Court which was ruled in favour of Vodafone.
GoodReturns.in
