Home Latest Business Vodafone Gets Relief in Rs.3,700 Crore Transfer Pricing Dispute

Vodafone Gets Relief in Rs.3,700 Crore Transfer Pricing Dispute

0
British telecom major Vodafone Logo (Source: Wikipedia)
British telecom major Vodafone Logo (Source: Wikipedia)
British telecom major Vodafone Logo (Source: Wikipedia)
British telecom major Vodafone Logo (Source: Wikipedia)

South African players celebrate after fall of Indian batsman MS Dhoni's wicket during the 2nd Day of the Second Test match between India and South Africa played at Kingsmead stadium in Durban on Dec.27, 2013. (Photo: IANS)New Delhi: British telecom major Vodafone said Friday the Income Tax Appellate tribunal had stayed a Rs.3,700-crore demand raised by the income tax authorities against the firm’s Indian arm.

“Vodafone can confirm that the Income Tax Appellate Tribunal has granted a stay of execution of the Transfer Pricing Order which Vodafone received in December 2011. Vodafone maintains that there is no tax payable on this transaction and will continue to strongly defend its position against this order,” it said.

Vodafone India Services Private Limited, the Indian arm of the company, had moved the tribunal for relief after it received a final assessment order last week from the revenue department giving the company 30 days to comply with the proceedings or challenge the order at an appropriate forum.

Vodafone received the tax demand last week, which added to the Rs.11,200 crore-plus tax liability it is already facing after it acquired Hong Kong-based Hutchison Whampoa’s Indian cellular operation six years back.

Source: IANS