Chief Justice of India SH Kapadia and Justice KS Radhakrishnan pronounced their judgement in Vodafone income tax liability and the judgement is going to be a landmark as it will give a new lease of life to mergers and acquisitions.
The report as stated in Economic Times is as appended below:
The Supreme Court today ruled in favour of Vodafone in the $2 billion tax case saying capital gains tax is not applicable to the telecom major. The apex court also said the Rs 2, 500 crore which Vodafone has already paid should be returned to Vodafone with interest.
The decision, experts said, will be a big boost for cross-border mergers and acquisitions here. The Income tax department’s contention, if upheld, would have rendered standard transaction structures too risky forcing foreign companies to weigh potentially new litigation and insurance costs.
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