sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018
 Last-minute tax tips for late filers
 What demonetisation did to tax collections
 Income–Tax (Fourth Amendment) Rules, 2018
 Want your income tax refund early? Follow these 10 steps while filing returns

Vodafone not liable to pay capital gains tax: Sarin
September, 22nd 2007
Deal with Hutchison Telecom


Vodafone Essar is keen to apply for more spectrum




Sarinspeak: Mr Arun Sarin, Vice-Chairman, Vodafone-Essar, Mr Asim Ghosh, CEO, and Mr Ravi Ruia, Chairman, after a board meeting of the company in Mumbai on Friday.

Mr Arun Sarin, Vice-Chairman, Vodafone Essar, said on Friday that the company is not liable to pay capital gain tax on the deal it had sewn with Hutchison Telecom International Ltd (HTIL) for the 67 per cent stake in the erstwhile Hutchison Essar.

According to media reports, Indian tax authorities had made a $2 billion tax claims on the company.

We are working with the Income-Tax Department to sort this issue. Neither the Essar Group, nor Vodafone, nor Vodafone Essar is liable to pay taxes. It is the seller who should be taxed; and the seller is not one of the parties represented here, Mr Sarin told presspersons after the second board meeting of the recently rechristened Vodafone Essar here today.

The meeting was also attended by Mr Ravi Ruia, Chairman, Vodafone Essar and Mr Asim Ghosh, CEO, Vodafone Essar.

In May, Vodafone Group Plc had paid $10.9 billion to HTIL for acquiring 67 per cent controlling stake in Hutchison Essar, which has now been rechristened as Vodafone Essar.

The tax department is reported to have stated that Vodafone Essar should have paid $2 billion as capital gains tax by deducting the amount from the $10.9 billion paid to HTIL, on the grounds that it was an agent of Vodafone.

The countrys third largest mobile operator then filed a writ petition in the Bombay High Court challenging the IT Departments decision to levy the tax on the deal. The first hearing of the petition is expected to come up on September 27.

Mr Sarin, who is also the CEO of Vodafone Group Plc, added that Vodafone Essar is keen to apply for more spectrum and is currently taking up the matter with the Essar Group (which holds a 33 per cent stake in the company) and other agencies.

The company had recently unveiled its re-branding exercise, making India the 26th country where Vodafone has operations.

On being queried about a possible IPO, Mr Sarin categorically ruled out the possibility stating that the company was sitting on enough capital resources.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions