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I-T Dept says it will send tax demand

June, 01st 2010
The Income Tax (I-T) Department is set to send tax notice to Vodafone over for its stake acquisition of Hutchs stake in Indian operations. "We have jurisdiction over taxing Vodafone. Jurisdiction order has been issued ...we will send the tax demand to them within a few days," Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy told PTI. The tax liability for Vodafone for the mentioned deal is estimated to be worth $ 2 billion. The High Court as well as Supreme Court have ruled in favour of I-T Dept for the deal. The Income Tax (I-T) Department is set to send tax notice to Vodafone over for its stake acquisition of Hutchs stake in Indian operations. "We have jurisdiction over taxing Vodafone. Jurisdiction order has been issued ...we will send the tax demand to them within a few days," Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy told PTI. The tax liability for Vodafone for the mentioned deal is estimated to be worth $ 2 billion. The High Court as well as Supreme Court have ruled in favour of I-T Dept for the deal.