Govt seeks review of Vodafone tax case verdict

Govt seeks review of Vodafone tax case verdict

The review petition is set to come up for hearing on February 27 before a bench headed by Chief Justice S H Kapadia which had delivered the significant verdict.

The apex court’s bench, also comprising Justices Swatanter Kumar and K S Radhakrishnan, had held “the Indian Tax authority had no territorial tax jurisdiction to tax the offshore transaction.”

It had also directed the Income Tax department to return Rs 2,500 crore deposit with 4 per cent interest within two months and bank guarantee of Rs 8,500 crore submitted to the Supreme Court registry within four weeks.

In a quick move, Vodafone issued a press statement on the Income Tax department’s petition saying the court had “clearly and unambiguously” ruled in their favour on the capital gain tax case.

“Vodafone notes the filing of the tax authority’s review petition, which will be evaluated by the same bench that ruled on the Vodafone-Hutchison case, and has no further comment to make at this stage,” the statement said.

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