The Authority for Advance Ruling today once again adjourned the hearing on the Vodafone-Essar tax liability case. The case pertains to the tax liability of Essar arising due to the sale of its 33% stake in the telecom major. The hearing has now been postponed to the May 24. However, the deal closes on the May 27.
And if the ruling does not come by then, it will jeopardise the future of the deal. The I-T department has alleged round tripping of funds by Essar as well as dual residency which will mean that the deal will not be covered under Mauritius DTAA and Essar will have take capital gain tax. In an interview CNBC-TV18, Aakanksha Sethi, Anuradha Dutt, Partner, Dutt Menon Dunmorrsett, speaks about the issue and gives her outlook going forward. Also read: Vodafone faces more tax troubles, approaches AAR Here is a verbatim transcript of the exclusive interview with Anuradha Dutt on CNBC-TV18. Also watch the accompanying video. Q: There has been one more adjournment, now the I-T departmentDiscover 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!
