« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Tax relief for firms engaged in trade with US... Unlisted cos’ doubt over FBT on Esops may be cleared soon... » Vodafone I-T case put off till December 11 November, 03rd 2007 The Bombay High Court on Wednesday made an observation on the ongoing debate over whether income-tax authorities are right in demanding capital gains tax on the recently concluded $10-billion sale of Hutch Essar to telecom major Vodafone. A Division Bench of Justices FI Rebello and JP Deodhar adjourned the hearing on the petition to December 11 and directed that till the courts further directions, the I-T department will not pass any order against the company. The Bench, however, said the deal, as claimed by Vodafone International, is not a simple case of transfer of shares of a foreign company. The court said sale of shares was with the approval of FIPB, which is subject to compliance with Indian laws and regulations, including tax laws. The observation that it is not a simple case of a transfer of shares of foreign company is viewed by tax professionals and tax officers as critical. The telecom majors involved in the deal always maintained that the Indian I-T authorities have no locus standi in this deal because the deal was between foreign entities. The court made the observation during the hearing of the petition filed by Vodafone International, Netherlands, against whom the income-tax department sent a notice for failure to deduct tax while making payment to Hutchison Telecom International for acquiring 67% stake in Vodafone Essar. I-T authorities sent notices to Hutch Essar and Hutchison International asking them to file income-tax returns and pay capital gain tax on the $10-billion deal.