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"Should further demand for taxation be received by VIHBV or any member of the Group as a result of the new retrospective legislation, the Group believes it is probable that it will be able to make a successful claim under the BIT, which will not result in an outflow of economic benefits from the Group," it said.
The Indian government had commissioned a committee of experts (Shome committee) to examine and make recommendations for the Finance Act 2012, including the retrospective taxation.
The Shome committee published its draft report on October 10 and concluded that tax legislation in the Finance Act 2012 should only be applied prospectively or, if applied retrospectively, only a seller who made a gain should be liable, in that case without any liability for interest or
However, the final report is yet to be submitted, the filing said.
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