“”Indian tax authorities have no jurisdiction over Vodafone.” – Loses I.T. Case

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Vodafone Romania

Vodafone has lost ~$2bn tax case, as Bombay HC has rejected it’s petition against the show-cause notice of the income tax (I-T) department seeking about $1.7 billion as capital gains tax (from Hutchison-Essar stake).

If Vodafone loses the case in the SC, it will have to shell out $1.7 billion as tax liability, a penalty of an equal amount and a tax on both sums at 18% per annum. The total outgo for Vodafone could exceed $4 billion.

This case will set the benchmark for cross-border deal and if Vodafone loses the court in SC, it might wrong send signals to the international business community.

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