The Supreme Court today asked Vodafone LLC to deposit 2,500 crore rupees and a bank guarantee of 8500 crore rupees in a tax related case. In its case, the Vodafone has challenged the capital gains tax of 11,000 crore rupees from its acquisition of Hutchison shares. A bench of the apex court directed Vodafone to deposit 2500 crore rupees within three weeks and a bank guarantee of 8500 crore rupees within 8 weeks. The bench also held that if the case goes in favour of Vodafone then the govt will have to return the amount to the telecom giant along with interest.The apex court would start its final hearing in this matter in February 2011.The apex court also directed the Director General of international taxation to file an undertaking before the court with regard to refund of the amount to vodafone in case it wins the case.
News On AIR | November 15, 2010 2:24 PM
SC directs Vodafone to deposit 2500 cr, BG Rs 8500 crore