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)

Women's club holds candlelight vigil demanding justice for Bangalore sexual assault victim Jul 26, 2:31 pm
Bangalore, July 26 (ANI): A women's club held a candlelight march in Bangalore demanding justice for the six-year-old girl student who was sexually assaulted within a school's premises.
Full Story
Biocon reports marginal revenue for first quarter of fiscal 2014-15 Jul 26, 2:31 pm
Bangalore, July 26 (ANI): Biotechnology major Biocon Ltd has reported revenue of nearly 3.5 percent and a net profit of only 10 percent for the fiscal 2014-2015.
Full Story
India refuses to ratify trade facilitation pact at WTO until its food security concerns are addressed Jul 26, 11:01 am
Geneva, July 26 (ANI): India's Ambassador to the World Trade Organisation (WTO), Anjali Prasad, has said that New Delhi will not be pressured into accepting easier customs rules from developed countries till its food subsidy concerns are addressed.
Full Story
Google reportedly acquires Gamer Video Site Twitch.TV for $1 billion Jul 25, 7:46 pm
Washington, July 25 (ANI): Google has reportedly acquired Gamer Video Site Twitch.TV for a whopping 1 billion dollars.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY