In a hearing set to have a significant impact on international investors in India, Vodafone reappeared before the Bombay High Court in June in a US$2 billion tax case.
The matter under contention relates to Vodafone’s purchase in 2007 of a majority stake in Hutchison Essar, previously a unit of Hong Kong’s Hutchison Whampoa, and its subsequent claim that it was not liable for capital gains tax. Vodafone paid US$11.1 billion for its stake in the business, which was renamed Vodafone Essar.
Following the purchase, Vodafone received a US$2 billion tax demand from the Indian income tax department, which claimed the company was liable to pay capital gains tax as most of the assets it bought were based in India.
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