Vodafone conciliation offer enabled by attorney general
A day after CNBC-TV18 broke the news that law minister Kapil Sibal had cleared the Vodafone conciliation offer, it emerged that a fresh opinion from attorney general (AG) Goolam Vahnavati had enabled this move.
A day after CNBC-TV18 broke the news that law minister Kapil Sibal had cleared the Vodafone conciliation offer, it emerged that a fresh opinion from attorney general (AG) Goolam Vahnavati had enabled this move.
The AG, sources said, had given a fresh opinion that a non-binding conciliation proceeding as proposed by the British telecom major could be undertaken. The cabinet will now be able to take a call on whether to opt for conciliation proceedings with Vodafone. The finance ministry, which moved the CCEA with Vodafone's conciliation offer earlier this March, has also clarified that this would not bypass the income tax act. It is now expected that the CCEA may take up this proposal in a week or two. If given the go-ahead, the revenue authorities and Vodafone will hold talks on the Rs 11, 200-crore tax liability, the option of waiving the interest and the penalty provided the principal tax amount is paid up. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
