New Delhi, Sep 28 (Calcutta Tube) The Supreme Court Monday dismissed Vodafone‘s petition contesting a lower court verdict on the tax liability of $2.6 billion towards capital gains claimed by the administration.
The Supreme Court declined to stay the Bombay High Court order directing Vodafone to pay the tax liability. The court asked the TDS officer to decide the tax liability within four weeks. It granted Vodafone the liberty to approach the apex court if it is aggrieved by the TDS officer’s assessment.
Vodafone was furnished with a $2.6 billion tax bill for its $11 billion acquisition of Hutchison Whampoa’s 67 percent stake in the telecom venture in india.