Income Tax - Vodafone v GOI - Tax by Talks fails Government to demand over 20,000 Crores
THE Demand against Vodafone with accumulated interest and penalty, by now would be more than Rs. 20,000 Crores. Now it seems that the talks have failed and the Government has decided to withdraw its conciliation proposal and decided to proceed with collection of the tax arrears. The finance ministry will seek cabinet approval to withdraw the conciliation proceedings. DS Malik, the Finance Ministry spokesman is reported to have told Reuters that the cabinet will take a final decision, while declining to share specifics of the proposal.
Bad times ahead for Vodafone or do they have some plan to see them through. 20,000 Crores is a lot of money even for Vodafone!