Monday, May 17

Cairn Vitality wins arbitration from India in tax dispute

Cairn Vitality wins arbitration from India in tax dispute


NEW DELHI: British explorer Cairn Power Plc has received an arbitration from Indian the federal government, trying to find Rs 10,247 crore in retrospective taxes, resources said Wednesday.
This is the 2nd blow to the government in three months. An intercontinental arbitration tribunal had in September ruled towards India levying retrospective taxes on Vodafone Group.
Resources said an intercontinental arbitration tribunal dominated that India’s tax assert of Rs 10,247 crore earlier taxes over a 2006-07 inner reorganisation of Cairn’s India company was not a valid demand from customers, sources explained.
The tribunal has also questioned India to pay back the resources withheld along with the curiosity to the Scottish oil explorer for seizing dividend, tax refund and sale of shares to partly get well the dues.



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