The Bombay High Court asked Vodafone India Services to move the Disputes Resolution Panel (DRP) of the Income Tax Department to resolve its Rs 1,300 crore transfer pricing case, leading to tax liability of Rs 400 crore, reports PTI.
The court, disposing of the petition, asked DRP to hear the case in two months, and gave Vodafone two weeks to approach it.
The case relates to FY-2010 when Vodafone India issued shares to its Mauritius-based arm for Rs 246.38 crore, which according to IT Department were grossly undervalued. Hearing Vodafone India’s petition challenging the transfer pricing by IT Department, Chief Justice Mohit Shah and Justice M S Sanklecha asked the telecom major to move the DRP for raising a preliminary objection as to whether the transaction comes within the purview of international taxation.
The court, disposing of the petition, asked DRP to hear the case in two months, and gave Vodafone two weeks to approach it.
The case relates to FY-2010 when Vodafone India issued shares to its Mauritius-based arm for Rs 246.38 crore, which according to IT Department were grossly undervalued. Hearing Vodafone India’s petition challenging the transfer pricing by IT Department, Chief Justice Mohit Shah and Justice M S Sanklecha asked the telecom major to move the DRP for raising a preliminary objection as to whether the transaction comes within the purview of international taxation.
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