Govt studying SC verdict in Rs 11k cr Vodafone case: Pranab

SC rules IT has 'no jurisdiction' to levy tax on overseas transaction between companies outside India.

Written by Agencies | Kolkata | Published: January 23, 2012 10:19:19 am

The government is studying the Supreme Court judgement setting aside the Bombay High Court verdict asking the company to pay income tax of Rs 11,000 crore,Finance Minister Pranab Mukherjee said last night.

“We are looking into it,” Mukherjee said on the sidelines of the 111th annual general meeting of the Bharat Chamber of Commerce.

Concerned over revenue implications of Friday’s Supreme Court judgement,Mukherjee had held consultations with Law Minister Salman Khurshid and senior officials on the same day.

A three-judge Bench headed by Chief Justice S H Kapadia held that the IT department has “no jurisdiction” to levy tax on overseas transaction between companies incorporated outside India.

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