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The Offshore Transaction Is A

The Supreme Court ruled that the Indian government does not have jurisdiction over Vodafone's purchase of mobile assets in India through a Cayman Islands transaction. The court ordered the tax department to refund Vodafone 25 billion rupees plus 4% interest that it had paid under protest and return the bank guarantee of 8.5 billion rupees within two months. The court also noted that the Indian telecom company had been in existence since 1994 and contributed over 20 billion rupees in taxes.

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Sudhanshu Shekhar
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37 views1 page

The Offshore Transaction Is A

The Supreme Court ruled that the Indian government does not have jurisdiction over Vodafone's purchase of mobile assets in India through a Cayman Islands transaction. The court ordered the tax department to refund Vodafone 25 billion rupees plus 4% interest that it had paid under protest and return the bank guarantee of 8.5 billion rupees within two months. The court also noted that the Indian telecom company had been in existence since 1994 and contributed over 20 billion rupees in taxes.

Uploaded by

Sudhanshu Shekhar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The offshore transaction is a bonafide structure and isnt taxable.

that the tax department to refund the 25 billion rupees which Vodafone, with 4% interest.

The government

has no jurisdiction over Vodafones purchase of mobile assets in India as the

transaction took place in Cayman Islands between HTIL & Vodafone, the Supreme Court Chief Justice S.H. Kapadia said. Indian telecom company was not a fly-by-night operator and in existence since

1994. It had contributed Rs.20, 242 crore by way of direct and indirect taxes to the exchequer. The bench has also decided that the tax authorities will return within two months the Rs.2,500 crore that Vodafone had deposited with the authorities in pursuance to an interim order. The bank guarantee of Rs.8, 500 crore will also be returned to the company, it ruled.

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