Retro tax may hurt investment: UK
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Vodafone CEO seeks PM's advice on case
Vodafone group chief Vittorio Colao has written to the Prime Minister Manmohan Singh seeking his "urgent counsel and advice" in the ongoing tax spat between the government and the UK-based telecom firm.
The letter has said that the "arbitrary and punitive retrospective treatment" of the company will "tarnish the image of India" as an investment destination. Referring to the proposed retrospective amendments in the Finance Bill, 2012, the group CEO, in a letter dated March 26, said that it was unprecedented "for such an amendment to be used to overturn cases decided in law by the Supreme Court".
In February, the court had quashed the income tax department contention that Vodafone was liable to pay tax in India on the Vodafone-Hutchison deal in 2007, ruling that the department had no jurisdiction over the deal. Following the judgement, the government had filed a review petition, which was dismissed by the court.
As a fallout, the government proposed to amend Sec 9 of the I-T Act to clarify its "intent" on such deals from 1962.
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