Huge Bill From Income Tax to Vodafone?

By Vijay Kumar

THE Vodafone case was before the Supreme Court yesterday. Who won? Income tax Department is celebrating that they can issue a demand of over Rs. 12,000 Crores to Vodafone within four weeks-but that doesn't mean that Vodafone is going to rush to the bank with a cheque for Rs. 12,000 Crores immediately on getting the demand. They can still challenge it and in any case there is hearing in the Supreme Court again on 25th October.

And Vodafone is happy that its SLP has been admitted, though no stay was granted and the Company still firmly believes that the transaction is not subject to tax in India.

Please visit www.taxindiainternational.com for more details and analyses of the issue.

A good judgement is one in both the parties are equally dissatisfied.