Vodafone’s petition against a US$2 billion capital gains tax bill has been dismissed by Bombay High Court.
When dismissing the petition in early December, however, justices S Radhakrishnan and Anand Nirgude allowed the earlier stay on the Income Tax Department notice to remain for a further eight weeks, enabling Vodafone to file an appeal. The British mobile phone operator has said it plans to appeal to the Supreme Court.
Vodafone bought a majority stake in Hutchison-Essar (now called Vodafone Essar) for US$11.2 billion in 2006. In 2007, the tax department issued the company with a US$2 billion bill for capital gains tax related to the transaction.
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