New Delhi, Dec 28: British telecom major Vodafone aforesaid Friday the income tax proceedings court had stayed a Rs.3,700-crore demand raised by the income tax authorities against the firm’s Indian arm.
“Vodafone will confirm that the tax appellate court has granted a keep of execution of the Transfer rating Order that Vodafone received in Dec 2011. Vodafone maintains that there’s no tax payable on this dealing and can still powerfully defend its position against this order,” it said.
Vodafone India Services private restricted, the Indian arm of the corporate, had moved the court for relief once it received a final assessment order last week from the revenue department giving the corporate thirty days to fits the proceedings or challenge the order at an acceptable forum.
Vodafone received the tax demand last week, that other to the Rs.11,200 crore-plus tax liability it’s already facing once it noninheritable Hong Kong-based Hutchison Whampoa’s Indian cellular operation six years back.
