A three-judge bench headed by Chief Justice S H Kapadia asked the company to file its representation before the IT department.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
"Kraft's acquisition of Cadbury is a global acquisition, where some value is attributable to India. This is different from Vodafone, where the transfer of a single share of the offshore company by Hutch resulted in the Indian business getting transferred to Vodafone," said Pranay Bhatia, associate partner at legal firm Economic Laws Practice.
A member of the financial watchdog committee at soccer's ruling body FIFA has been charged with fraud, money-laundering and breach of trust by police in the Cayman Islands.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
India signed a Tax Information Exchange Agreement with Bermuda on Thursday, the first in a series of such pacts.
Vodafone on said it is seeking legal advice to challenge the Bombay High Court order that dismissed its plea against the I-T department's Rs 12,000 crore (Rs 120 billion) demand in tax and penalty on the company's acquisition of Hutchison Telecom in a deal of about Rs 50,000 crore (Rs 500 billion).
This could come as a huge relief as majority of the FIIs operating in India are registered in tax havens. The discussion paper also removed the ambiguity on income classification for tax computation.
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He breathed his last on Sunday in his home in the Cayman Islands.
The alleged mastermind of the scheme Chelsea-based Indian entrepreneur Nandan Pruthi and his business partners Kenneth Peacock and John Anderson were arrested after a series of raids conducted by the London police in the city, the Observer newspaper reported.
Mauritius, country from where large amounts of investments are routed to India, figures among the nations that have substantially implemented tax standards. Among the countries that have committed themselves to the internationally agreed tax standards but have not yet implemented them are Singapore, Switzerland, Bahamas, Bermuda, British Virgin Islands, and Cayman islands.
Afghanistan continued their remarkable rise in international cricket when they beat the Cayman Islands by 82 runs on Saturday to reach the final stage of the 2011 World Cup qualifying competition. Uganda also went through thanks to a 99-run win over hosts Argentina on the final day of world cricket league division three, a six-team tournament which also serves as part of the complex World Cup qualifying system.
Afghanistan ended Papua New Guinea's 100 percent record in their cricket World Cup qualifying group with an impressive eight-wicket win in Buenos Aires on Wednesday. Uganda pulled off a sensational one-run victory over Hong Kong, leaving themselves, Afghanistan and Papua New Guinea level on six points with one round of matches to play on Friday.
With the Supreme Court declining to intervene in the tax demand case against it Friday, mobile service company Vodafone faces a potential tax demand of up to $2 billion (Rs 9,800 crore) from the tax authorities.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The Bombay high court, in a very significant ruling on Wednesday, dismissed telecom major Vodafone International's petition challenging the Income Tax department's show cause notice for payment of capital gains tax of around $2 billion.
A landmark tax case between Vodafone of the UK and the Indian government that is set to determine the future climate for mergers and acquisitions in the country began on Monday.
A landmark court challenge by Vodafone against Indian tax authorities, which want it to pay an estimated $2bn in taxes on its acquisition of Hutchison Essar, has been adjourned for three months. The Bombay high court delayed the hearing until June 23. It is a case that has potential implications for mergers and acquisitions of Indian assets by foreign companies. The court said it wanted to allow time for changes to tax laws to come into force.
RBI has granted permission to Standard Chartered bank to buy American Express Bank for its American Express credit card biz.
Despite the Indian government's recent efforts anecdotal evidence indicates that there has been little change in the extortionist behaviour of a significant proportion of tax and police officials, says Jaimini Bhagwati.
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
After a plethora of mergers and acquisitions, domestic firms are finding the European island a suitable place to set up subsidiaries to carry out global buyouts.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
The Prime Minister's Office has sought the opinion of various ministries for creating an umbrella legislation that would empower the government to suspend any foreign investment
Usain Bolt of Jamaica won his second straight Olympic gold medal in the men's 100 metres on Sunday, crossing the line in an Olympic record 9.63 seconds. Bolt joined Carl Lewis as only the second man to go back-to-back in track's biggest race.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
A three per cent reduction in corporate tax during this year helped India remarkably improve its ranking by five notches in the KPMG Corporate Tax Rate Survey 2006.
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
The general secretary of the world players' union FIFPro has blasted FIFA.
Under Blatter, FIFA has handed its development money out strategically. Members of FIFA with only tiny populations have often received as much in grant money as those with massive populations.
The hurricane has left a swathe of destruction across the Caribbean, killing at least 60 so far.
The 25-year-old Kolkata-based athlete finished a poor fifth in a sub-par time of 23.43 seconds in the first round heat.
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