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The revenue department has informed Vodafone that the Government is willing to discuss the tax issue and settle it amicably. The department has sent a reply to the Vodafone’s representation on Rs 11,200-crore tax issue saying that both the Secretary and the CBDT Chairman are keen on settling the issue.
Earlier, Vodafone had said it believes it is not liable to pay tax for its $11.2 billion acquisition of Indian telecom business of Hutchison Whampoa. “Vodafone has replied to this reminder, stating that it continues to believe that no tax is payable on the above transaction,” the British firm had said in its reply to the revenue department’s reminder notice.
The tax case relates to capital gains tax arising from the sale of telecom business by Hong Kong-based Hutchison Whampoa that involved Indian assets to Vodafone in 2007. The reminder did not include any deadline for payment of the tax.
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