Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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-The Economic Times
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company&#039;s disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&amp;nbsp;
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This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&amp;nbsp;
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At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&amp;nbsp;
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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&lt;div style=&quot;text-align: justify&quot;&gt;
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Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&amp;nbsp;
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Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government...&#039;,
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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                <strong>Vodafone-like transactions should yield tax and the law must make that clear</strong></h1>
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                <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world's most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state's multiple services that together enable civilised existence and prosperous commerce.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.</div>               </font>
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-The Economic Times
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company&#039;s disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&amp;nbsp;
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This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&amp;nbsp;
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At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&amp;nbsp;
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 20 March, 2012, http://economictimes.indiatimes.com/opinion/vodafone-like-transactions-should-yield-tax-and-the-law-must-make-that-clear/articleshow/12336274.cms&#039;,
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government...&#039;,
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;-The Economic Times&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company&#039;s disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&amp;nbsp;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.&lt;/div&gt;&#039;
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-The Economic Times





The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government..."/>
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                <strong>Vodafone-like transactions should yield tax and the law must make that clear</strong></h1>
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                <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world's most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state's multiple services that together enable civilised existence and prosperous commerce.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.</div>               </font>
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-The Economic Times
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The Budget&#039;s retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company&#039;s disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&amp;nbsp;
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At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&amp;nbsp;
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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&lt;/div&gt;&#039;,
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At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&amp;nbsp;
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Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world&#039;s most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state&#039;s multiple services that together enable civilised existence and prosperous commerce.&amp;nbsp;
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                <strong>Vodafone-like transactions should yield tax and the law must make that clear</strong></h1>
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                <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world's most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state's multiple services that together enable civilised existence and prosperous commerce.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.</div>               </font>
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-The Economic Times
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The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&nbsp;
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$metaTitle = 'LATEST NEWS UPDATES | Vodafone-like transactions should yield tax and the law must make that clear'
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-The Economic Times





The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government...'
$disp = '<div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world's most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state's multiple services that together enable civilised existence and prosperous commerce.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.</div>'
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Vodafone-like transactions should yield tax and the law must make that clear

-The Economic Times The Budget's retrospective clarification of what is meant by transfer of assets in India entailing a capital gains tax payment is controversial but necessary and unavoidable. The Supreme Court ruled in favour of Vodafone and against the government in the company's disputation of a capital gains tax claim in its acquisition of Hutch-Essar.  This is on ground that might be legally firm but is quicksand for logic. The Court said that Indian tax laws privilege form over content, that they mandate the government to look at, rather than look through, a transaction entailing transfer of assets.  At the level of form, Hutch sold its shares in an overseas company to an overseas Vodafone subsidiary and, if one does not look beyond form, there is no case for Indian tax authorities to raise a claim on an overseas transfer of overseas assets. But if one asks why the transaction took place and why the overseas company was worth anything at all, the picture changes.  Vodafone bought the overseas company and paid good money for it because it controlled Hutch-Essar, a dominant player in the world's most dynamic telecom market. Now, what gives a government the right to tax anything at all? Tax is the price people pay for the state's multiple services that together enable civilised existence and prosperous commerce.  Hutch-Essar became a valuable company thanks to a variety of policies (including allocation of cheap spectrum) and innovative business practices allowed by overall policy and regulation. When such a company is sold and generates capital gains, and India has a policy of taxing capital gains, why should the transaction not yield tax to India? Because of the form of the transaction, says the Court. This is a conclusion that defies logic but might be warranted because of lack of clarity in the intent of the law.  Budget 2012 seeks to supply the needed clarification on the intent of the law, so that form would no longer prevail over substance. This makes for firm, even if dour, clarity on the subject. And that is wholly welcome from the point of view of domestic and foreign investors. Vodafone had received a tax notice before it made its final payment. So prior ignorance was no excuse.