Union Government is likely to seek the hearing of its review petition for reconsideration of Vodafone taxation case judgement, in the open court...
Union Government is likely to seek the hearing of its review petition for reconsideration of Vodafone taxation case judgement, in the open court.
Normally, review petition is decided by its circulation among the judges of the bench which earlier decided the matter in their chambers without hearing.
The Centre has filed a review petition against the judgement dated January 20 this year, holding that the IT department has no tax territorial jurisdiction to demand income tax of over Rs 11,000 crore in Vodafone-Hutchison deal.
The Centre in its review petition has listed 121 reasons/grounds against the judgement of the Supreme Court which was pronounced by a bench comprising Chief Justice S H Kapadia, and Judges K S Radha Krishnan and Swatanter Kumar.
The apex court had described the transaction as bona-fide structured transaction through FDI investments into India.
The government has, however, strongly disputed the findings of the apex court in its 100-page review petition settled by the Solicitor General of India Rohinton Nariman.
The petition is likely to come up for hearing towards the end of this month.
The Union Government has also contended that not even a single penny of foreign investment came to India as a result of 11.5 billion dollar deal struck in February 2007 between Vodafone and Hutchison.
The government has also contended that the payment was made by the Virgin Island company of UK to Hutchison.
Vodafone has challenged the judgement of Bombay high court upholding the claim of IT department.
In a landmark judgement, the Supreme Court on January 20 had set aside the Bombay High Court ruling asking Vodafone International Holdings to pay Rs 11,000 crore in income tax on acquisition of interests in Hutchinson-Essar Limited in 2007 overseas.