End Vodafone saga

With Vodafone’s victory in international arbitration in the Netherlands, the long and sorry saga of “retrospective taxation” should ideally be brought to a close. In 2007, the Indian income tax authorities had served a notice for Rs 7,990 crore in capital gains tax on Vodafone for its purchase of Hutchison India’s assets — which were routed through a tax haven, the Cayman Islands. The Anglo-Dutch telecom major fought the demand all the way to the Supreme Court, where it received a favourable judgment. In a move that shocked investors, however, the next Union Budge.....

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