Government will examine Vodafone notice: Mukherjee

   Apr 18, 11:33 am

New Delhi, April 18 (ANI): Finance Minister Pranab Mukherjee has said the Central Government will examine and study Vodafone's legal notice before proceeding with appropriate action over ongoing taxation row.

" That it is their prerogative, what they will do. We shall have to examine it. I just cannot respond. After all, as a legal entity, they are entitled to take legal courses," Mukherjee told media here.

Telecom group Vodafone had on Tuesday issued a notice to the Indian Government under Bilateral Investment Protection Treaty over retrospective tax proposal announced by Mukherjee in the Union Budget 2012-13.

The company says the proposal in the budget to tax transactions with retrospective effect amounts to denial of justice.

Calling the proposal a breach of obligation under the bilateral investment treaty, Vodafone asked the Indian Government to abandon or amend the retrospective proposal in the Finance Bill.

UK-based mobile operator Vodafone purchased Hong Kong-based Hutchison's telecom business, which included operations in India, in 2007 for about 11.2 billion dollars.

Indian income tax authorities said the deal will attract tax on it and sought Rs.11, 000 crore from Vodafone, which challenged the move.

The Supreme Court ruling held that Vodafone wasn't liable to pay tax on the deal, following which the government has proposed to amend the tax laws retrospectively to bring such deals into the tax net. (ANI)

SEBI chairman calls on CII to develop roadmap for integrated reporting Sep 17, 5:19 pm
New Delhi, Sept. 17 (ANI): Securities and Exchange Board of India (SEBI) chairman U K Sinha on Wednesday stressed on the need to first create awareness and build the environment that is experienced with integrated reporting.
Full Story
Sri Lanka, China ink 27 agreements to deepen strategic cooperative partnership Sep 17, 2:15 pm
Colombo, Sept.17 (ANI): Sri Lanka and China have signed 27 agreements to further cooperation between the two nations.
Full Story
Study says India's entertainment industry to clock over Rs 227,000 crore by 2018 Sep 16, 5:23 pm
New Delhi, Sept. 16 (ANI): India's entertainment and media sector is expected to grow steadily over the next five years as per CII-PwC's latest report titled India Entertainment and Media Outlook 2014.
Full Story
Axis bank joins ETC implementation plan of road transport and highways ministry Sep 16, 5:00 pm
New Delhi, Sept.16 (ANI): Indian Highways Management Company Limited (IHMCL), an NHAI promoted company and Axis Bank have signed an agreement for the provision of Central Clearing House (CCH) services and sale of FASTag, for the Electronic Toll Collection (ETC) at the Toll Plazas on the National Highways.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY