The Supreme Court of India has vetoed a US$2.6 billion tax bill to Vodafone from the Indian tax authorities.
Vodafone filed an appeal in the Supreme Court after a Bombay High Court ruling in September, which stated that the telecom company would have to pay the hefty tax bill as a result of its acquisition of Hutchison Essar in 2007.
The high court held that Vodafone should have deducted tax at source (withholding tax) on capital gains to Hutchison that resulted from the deal.
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