Will challenge Bombay HC's verdict favouring Vodafone: CBDT
October, 14th 2014
Bombay HC upholds Vodafone plea in Rs 3,434 crore transfer pricing case. The court rejects second plea against Vodafone in last one week.
Staying with the Vodafone, the Central Board of Direct Taxes, chairman KV Chowdary spoke for the first time after the landmark Vodafone verdict saying that this judgement is a significant one and they will take a decision on challenging this in the Supreme Court very soon, although he maintains that this judgement will have no shadow on their big ongoing Rs 20,000 crore arbitration case. He also said that he will take all legal help required and may even consult the law ministry for the same.
"We will take a considered view and won’t take hasty decision. It is not a question of the quantum of money alone that is important, there is a principal which is important whether such capital transactions can be subjected to transfer pricing regulations or not and if there are other cases which are similar with the this case then the law will follow in those cases as well,” he adds.