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Vodafone tax case: Govt refunds Rs 2,500 cr plus 4% interest

-PTI   Within hours of Supreme Court dismissing the review petition in the Vodafone's tax case, government on Tuesday refunded about Rs 2,500 crore plus four percent interest to the firm. When asked, a Vodafone spokesman said "the money has been refunded--Rs 2500 crore plus four per cent interest". Earlier, Law Minister Salman Khurshid told Reporters that the government would have to repay the money. "To curative petition to my knowledge ... I suppose...

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Vodafone tax case: Supreme Court rejects petition seeking review of order

-The Economic Times   The Supreme Court has declined to reconsider its ruling that the tax authorities had no jurisdiction to tax Vodafone's offshore acquisition of its Indian mobile unit, handing what could be a pyrrhic victory to the telecom major. The tax demand, government officials familiar with the case said, could be revived once the provisions in the Union Budget seeking to tax overseas deals are approved by Parliament later this...

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Poverty line at 28.65: Planning Commission faces criticism for figures

-PTI   Planning Commission today faced criticism inside and outside Parliament for its description of poor and resultant fall in people below the poverty line with Opposition parties saying it was making a "dishonest" attempt to conceal reality through "fraudulent" estimates. BJP hit out at the government and the Planning panel for the conclusion that the number of people living below the poverty line has fallen by seven per cent, alleging that the...

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Vodafone-Hutch deal: Retrospective change to I-T Act-Nikhi Kanekal and Kian Ganz

The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...

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Opposition slams Budget as anti-people

-PTI The Opposition parties today slammed the Union Budget presented by finance minister Pranab Mukherjee as "anti-people", "lacklustre" and one that would increase the financial burden on the common man. "The Union Budget does not provide any relief to the common man. It betrays the trust of the common man," BJP spokesman Shahnawaz Hussain told Reporters here. BJP leader Ananth Kumar said the budget was "anti-people". "It is a purposeless and clerical budget,"...

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