Monday, October 25, 2010

Indian Supreme Court adjourns hearing on Vodafone Tax appeal to November 15

The Supreme Court of India adjourned hearing in the multi-billion tax case against Vodafone to November 15 after the Vodafone sought time to go through the 2.53-billion dollar tax notice sent by the Income Tax department.

The apex court bench headed by Chief Justice S.H. Kapadia said they needed to read the income tax order. It also asked Vodafone to file its reply to the order asking it to pay Rs.11,218 crore.

Senior advocate appearing for Vodafone, said that they have received the I.T department’s order fixing the liability of Rs 11,218 crore but did not get enough time to reply.

Vodafone maintains Indian law does not require it to deduct tax because the deal took place in the Cayman Islands and both buyer (UK based Vodafone) and seller (Hong Kong based Hutchison) were foreign.

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