The case timeline : SC asks Tax dept to return Rs 2500 crore to Vodafone with 4% interest

Feb 2007: Vodafone buys 67% stake in Hutchison India for $ 11.5 bn

August 2007: Income Tax dept issues show cause notice to Hutchison Essar

September 2007: Income Tax dept issues show cause notice to Vodafone

October 2007: Vodafone files a writ petition in the Bombay High Court

* *

February 2008: Govt amends Section 201 of IT act with retrospective effect, Amendment makes withholding tax mandatory

December 2008: Bombay High Court allows Tax dept to proceed on show cause notice

* *

January 2009: Vodafone approaches Supreme Court challenging Tax dept’s jurisdiction

January 2009: SC asks Tax dept to determine whether it has jurisdiction to levy tax

Jan-Sept 2009: Vodafone provides documents to tax dept to determine jurisdiction

30 October 2009: Income tax Dept issues new showcause notice

* *

29 January 2010: Vodafone files its response against the fresh showcause notice

31 May 2010: Tax dept issues order claiming jurisdiction to tax the transaction

* *

7 June 2010: Vodafone files a writ petition in the Bombay HC challenging the order

8 Sept 2010: Bombay HC delivers the verdict in favour of IT Dept

14 Sept 2010: Vodafone challenges the Bombay HC order in the Supreme Court

15 Nov 2010: SC asks Vodafone to deposit Rs 2500 cr in cash,Rs 8500 cr in bank guarantees

20 Jan 2012: Supreme Court delivers 2:1 judgement, no tax liability for Vodafone, No capital gains as buyer, seller are both foreign entities, SC asks Tax dept to return Rs 2500 crore to Vodafone with 4% interest

Source: BS Reporter / Mumbai Jan 20, 2012, 13:41 IST

Author: Malvaniya Prashant

My Friends, can tell more about me..!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s