New Delhi: The mining conglomerate of billionaire Anil Agarwal Vedanta It has withdrawn cases before the Delhi High Court as well as an international arbitration tribunal to settle a retrospective tax dispute of Rs 20,495 crore with the government.
After slapping a tax demand of Rs 10,247 crore on UK’s Cairn Energy Plc for alleged capital gains made on internal restructuring of its India business in 2016, the Income Tax Department had sought Rs 20,495 crore in taxes. Cairn India For failing to deduct tax on capital gains made by his British parent.
Cairn India later merged with Vedanta Limited,
In a statement, Vedanta said it has used the recently enacted legislation to settle the tax dispute.
As for the conditions for the same, it has withdrawn all legal challenges against the government and has pledged to relinquish all future rights related to tax demand.
After slapping a tax demand of Rs 10,247 crore on UK’s Cairn Energy Plc for alleged capital gains made on internal restructuring of its India business in 2016, the Income Tax Department had sought Rs 20,495 crore in taxes. Cairn India For failing to deduct tax on capital gains made by his British parent.
Cairn India later merged with Vedanta Limited,
In a statement, Vedanta said it has used the recently enacted legislation to settle the tax dispute.
As for the conditions for the same, it has withdrawn all legal challenges against the government and has pledged to relinquish all future rights related to tax demand.
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