Nikhil Mehta and Gareth Miles review the impact of the decision of the Supreme Court, which held that Indian capital gains tax did not arise on an indirect transfer of shares in an Indian company.
On 20 January 2012 the Supreme Court of India delivered its eagerly anticipated decision in Vodafone International Holdings BV v Union of India (Civil Appeal No. 733 of 2012 (arising out of SLP(C) No. 26529 of 2010)). In a full reversal of the earlier decision against Vodafone in the Bombay High Court Vodafone’s appeal was unanimously allowed by the three-judge bench in the Supreme Court. This is a landmark decision for the foreign investment community particularly given that numerous other transactions are affected and is of even wider significance given what the judges said about tax avoidance.
The facts in Vodafone are both
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Nikhil Mehta and Gareth Miles review the impact of the decision of the Supreme Court, which held that Indian capital gains tax did not arise on an indirect transfer of shares in an Indian company.
On 20 January 2012 the Supreme Court of India delivered its eagerly anticipated decision in Vodafone International Holdings BV v Union of India (Civil Appeal No. 733 of 2012 (arising out of SLP(C) No. 26529 of 2010)). In a full reversal of the earlier decision against Vodafone in the Bombay High Court Vodafone’s appeal was unanimously allowed by the three-judge bench in the Supreme Court. This is a landmark decision for the foreign investment community particularly given that numerous other transactions are affected and is of even wider significance given what the judges said about tax avoidance.
The facts in Vodafone are both
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