🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

India Court Dismisses Vodafone’s $629 Million Tax Refund Claim

Published 04/29/2020, 05:00 AM
Updated 04/29/2020, 05:45 AM
© Reuters.  India Court Dismisses Vodafone’s $629 Million Tax Refund Claim
VOD
-
VOD
-

(Bloomberg) -- India’s top court dismissed an appeal by Vodafone Group (LON:VOD) Plc’s Indian unit, seeking a tax refund of 47.6 billion rupees ($629 million) from the federal government.

A two-member panel headed by Justice U.U. Lalit allowed the return of only 7.3 billion rupees and dismissed the matter, according to a copy of the judgment on the Supreme Court’s website on Wednesday. The company had moved the court saying the income tax department deliberately withheld the dues since 2018.

The ruling is another setback for the British telecom giant’s Indian arm, after mobile operators in the country lost a case and were asked to pay $19 billion in total government demands. Vodafone (NASDAQ:VOD) Idea Ltd. is struggling to pay $7.2 billion in back fees to India’s government.

The wireless operator, formed by the merger of Vodafone Group’s local unit and billionaire Kumar Mangalam Birla’s Idea Cellular Ltd., hasn’t reported a quarterly profit since announcing the deal in 2017.

The case relates to tax assessments between 2014 and 2018 when the Vodafone group of companies in India underwent a restructuring and merger of subsidiaries.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.