Now in a judgement of the Supreme Court bench headed by Chief Justice S H Kapadia and Justices Swatanter Kumar and K S Radhakrishnan, has determined that the deal is not taxable by the Indian Government and the I-T department of India has been ordered to refund Rs 2,500 crore with 4% interest to Vodafone within a timeframe of 2 months. With this the I-T department will also have to return a sum of Rs. 8,500 crore which the court had earlier asked Vodafone to deposit as security during the early proceedings of the case
“We are a committed long-term investor in India and we have made clear all along that we have faith in the Indian judicial system. We welcome the Supreme Court’s decision, which underpins our confidence in India. We will continue to grow our Indian business – including making significant investments in rural areas and in 3G network coverage – for the benefit of Indian consumers.”, said Vittorio Colao, CEO of Vodafone.
- Amol Mathur