20 January 2012

VODAFONE WINS THE TAX BATTLE

SC: IT Dept has no jurisdiction to tax Hutch-Voda offshore transaction

In a thundering judgment dismissing the Income Tax Department's jurisdiction over the $18bn deal and virtually reaffirming almost each and every argument advanced by Vodafone counsel Harish Salve, Chief Justice Kapadia has unequivocally called the Hutch – Vodafone deal as one composite transaction and the CGP led structure of Hutchison Telecom as single consolidated bargain.  Hence the Income Tax Department did not have any right to levy tax on the ' offshore share sale' of CGP by Hutchison to Vodafone


SEE ATTACHMENT

Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
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