CAIRN CASE: SET­BACK FOR IN­DIA

Business Today - - UPFRONT -

An in­ter­na­tional ar­bi­tra­tion panel has re­jected In­dia’s de­mand for a stay on an ar­bi­tra­tion pro­ceed­ing by Cairn En­ergy plc against a `10,247 crore ret­ro­spec­tive tax no­tice. The tax de­part­ment had in 2014 charged Cairn En­ergy with mak­ing cap­i­tal gains on trans­fer of In­dia as­sets to a newly cre­ated firm, Cairn In­dia, and list­ing it. In­stead of long-term cap­i­tal gains tax, it levied a short-term cap­i­tal gains tax and slapped the draft tax de­mand.

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