Highly positive news for Vodafone Idea and Cairn
https://www.moneycontrol.com/news/business/economy/govt-introduces-taxation-laws-amendment-bill-to-nullify-retro-tax-demands-7283341.html
https://www.moneycontrol.com/news/business/economy/govt-introduces-taxation-laws-amendment-bill-to-nullify-retro-tax-demands-7283341.html
Moneycontrol
Govt Buries Ghosts Of Retrospective Tax, Tables Taxation Law Amendments In Lok Sabha
"The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May…
Breaking news:
Indian Govt suddenly withdraws Indirect transfer capital gain provisions for years prior to 2012.
This apparently is done to give benefit to Vodafone UK, which was in litigation since 15 years with Indian income tax department. Hopefully Vodafone UK will pump more money into "Idea" now....
Cairn UK will also be a beneficiary of this...
Indian Govt suddenly withdraws Indirect transfer capital gain provisions for years prior to 2012.
This apparently is done to give benefit to Vodafone UK, which was in litigation since 15 years with Indian income tax department. Hopefully Vodafone UK will pump more money into "Idea" now....
Cairn UK will also be a beneficiary of this...