Victory for Vodafone in Bombay high court

Greater Kashmir
Publish Date: Oct 10 2014 8:36PM | Updated Date: Oct 10 2014 8:36PM
Victory for Vodafone in Bombay high court

MUMBAI: In a victory for Vodafone, the Bombay high court on Friday allowed a petition filed by the cellular service major challenging the order of an Income Tax authority in a transfer pricing case which held that issuance of shares in a capital financial transaction could be considered taxable income. The HC held that it cannot be considered income.

The case was of a 2009-10 assessment by Income Tax department in share transfers made from Vodafone India to its Mauritius group company.

There was a shortfall of about Rs 1,300 crore, the IT department had suggested and said such under-pricing would amount to transfer of benefit and hence arms length pricing could be determined for such share transfers.

This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine