A day after Arvind Kejriwal put his name on a list of corrupt politicians, Union minister Kapil Sibal on Saturday shot back, saying that the Delhi chief minister should prove his allegations within two days or resign.
The IT department had issued a tax assessment order in December 2011 asking Vodafone to add Rs 8,500 crore (Rs 85 billion) to its taxable income, thus raising the tax liability of the company.
In the broader market, the BSE Midcap index bucked the trend to gain 0.3%
This equity capital infusion is the country's largest-ever FDI.
The Supreme Court had ruled in Vodafone's favour in 2012.
US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
The investment was committed to by Vittorio Colao, CEO of Vodafone Group Plc.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
Delhi High Court quashes reassessment proceedings by Income Tax department.
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
The Department of Telecom, Department of Industrial Policy and Promotion, Ministry of Home Affairs, Ministry of External Affairs and the Department of Economic Affairs had to give their comments on the proposal, sources said.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
The Foreign Investment Promotion Board (FIPB) on Monday deferred a decision on Vodafone's Rs 10,141 crore (Rs 101.41 billion) proposal to buy out minority shareholders in its Indian arm as the Ministry of Home Affairs is yet to give its comments.
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In the process, Vodafone India's valuation rose 48.39 per cent since February 2012, when Piramal Enterprises bought 5.5 per cent stake in Vodafone India for Rs 3,007 crore (Rs 30.07 billion).
The I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
CBDT circular issued last month had raised multiple taxation concerns.
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
Now sole contender as L&T Infotech quits race
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
Representatives of the British telecom company on Friday met senior finance ministry officials, in search of an amicable solution.
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
Likely to seek FIPB approval to raise holding; deal could bring FDI of about $696 mn.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
Since August 2013, FIPB has approved two FDI proposals in the telecom sector.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Bengaluru-based Creo offers an operating system that promises unique features and frequent updates.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
The company has booked around 350 spots for the 2015 tournament.
The company moved the income-tax appellate tribunal and its appeal is pending there.
Olympic and Paralympic track star Oscar Pistorius will stand in a Pretoria dock on Monday to face a charge of murdering his girlfriend, opening the decisive chapter in the story of the rise and fall of one of the world's most recognisable athletes.
Now, the world over, policymakers are dusting off their copies of Keynes' classic, The General Theory of Employment, Interest and Money, and figuring out whether there are any answers there to our own challenges of growing our economies.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
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