Fresh demand soon: I-T dept

The Income Tax Department on Monday said that it will issue a demand for over R12,000 crore to Vodafone within four weeks, following a Supreme Court verdict to that effect. “We will be raising tax demand on Vodafone within four weeks,” CBDT Chairman S.S.N. Moorthy said.

The Income Tax Department on Monday said that it will issue a demand for over R12,000 crore to Vodafone within four weeks, following a Supreme Court verdict to that effect. “We will be raising tax demand on Vodafone within four weeks,” CBDT Chairman S.S.N. Moorthy said.

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He said a few similar cases are also under the I-T department’s scanner, but refused to name them. “Apprehensions have been expressed in different quarters regarding the impact of such action on foreign investment in India.... This, together with the fact that India has received the highest ever foreign direct investment in the current fiscal, belies that apprehension,” he said.