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British Vodafone Group Plc's logo is seen at its Japanese unit's headquarters in Tokyo March...
Wed, Jul 9 09:01 PM
NEW DELHI (Reuters) - The Bombay High Court concluded hearings on Wednesday in a $2 billion tax case relating to Vodafone Plc's purchase of a controlling stake in an Indian mobile operator last year, the UK firm said on Wednesday.
Vodafone said in a statement it would make written submissions next week to the Bombay High Court, after which a verdict was expected.
Vodafone last year paid $11.1 billion to a unit of Hong Kong's Hutchison Whampoa for a controlling stake in an Indian mobile operator which is now known as Vodafone Essar.
India's income tax department is seeking $2 billion in tax from Vodafone, saying the company was liable to pay capital gains tax as most of the assets it bought are based in India.
Vodafone has said Indian law at the time did not require it to withhold tax on the acquisition, and has said that capital gains tax is usually paid by the seller, not the buyer.
It has also questioned the constitutionality of a retrospective change to the Indian tax law in May this year that would allow the government to take action against companies which do not withhold taxes when making a transaction.
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