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India challenges Vodafone tax arbitration ruling in Singapore

Dec 24, 2020 11:43 IST

India on Thursday challenged the international arbitration court’s ruling in favour of Vodafone in the ₹22,000 crore retrospective tax case, according to news reports.

In November, the Centre had sought two weeks’ time to take a decision on whether to challenge the award.

The dispute arose when the Indian government amended the Finance Act in 2012, where the power to retrospectively tax any gain on transfer of share was introduced. Following the amendment, Vodafone was asked to pay a total of ₹22,100 crore, in two tranches, in retrospective taxes on capital gains, including interest and penalty.

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