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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: arun gera who wrote (67505)	10/24/2010 5:54:10 AM
From: elmatador	Respond to of 217852

Vodafone Given 4 Weeks to Pay $2.5 Billion Tax Bill India's Income-Tax Department on Friday slapped Rs 11,217.95 crore (US$2.46 billion) tax demand notice on Vodafone for its US$11 billion purchase of Hutchison Essar in 2007. The tax demand complies with a ruling from the Supreme Court, although Vodafone is still contesting the ruling. According to the official statement, the tax demand has to be paid within 30 days of the receipt of the notice of demand. Of the Rs 11,217.96 crore tax demand, actual tax component is about Rs 7,000 crore (US$1.54 billion) with the rest being interest payable for delay in tax payment, official sources have told the news media. Vodafone said today it "strongly disagrees" with the tax calculation, claiming that it is unfounded as it has failed to follow the conclusions of the recent Bombay High Court judgment, a Vodafone spokesperson said. The Supreme Court is due to resume hearings on Vodafone's appeal on Monday (25th October).