« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.