Recent tax developments in India highlight the need for focused legal advice on India-related cross border transactions...
This past January, the Supreme Court in India ruled in Vodafone International Holdings B.V v. Union of India,Civil Appeal No. 733 of 2012 (arising from S.L.P. (C) No. 26529 of 2010) that the sale of stock of a company that was non-resident in India to another non-resident company was not subject to income tax in India.
The Indian government recently began implementing taxation and telecom license cancelation measures that may affect a large number of foreign investors.
On 20 January 2012 the Indian Supreme Court found that India had no basis to tax the sale by a non- Indian subsidiary of indirect interests in an Indian telecoms company, Hutchison Essar.
As anticipated, the Supreme Court of India on Tuesday turned down a government appeal of a January Supreme Court ruling that held British wireless giant Vodafone not liable for US$2.2 billion in capital gains taxes accruing from its $11 billion acquisition of Hutchison Essar in 2007.
The hottest tax case in India has not been resolved just yet.
On January 20, the Indian Supreme Court handed down a major victory for foreign investors in the landmark case of Vodafone International Holdings B.V.
The Supreme Court of India (SC) has rendered its judgement in the much awaited verdict in the US$ 2 billion Vodafone tax case.
On January 20, 2012, the Supreme Court of India (the “Supreme Court”) delivered a landmark judgment in Vodafone International B.V. v. Union of India & Anr.
The Indian Supreme Court’s decision in the Vodafone case brings to an end the long saga that has kept global investors on edge about the taxation of foreign acquisitions in India.