Posted on: 20-03-12 01:38:37
SC to hear today Centre's crucial review plea in Vodafone Case
from J. Venkatesan in The Hindu dated March 20, 2012.
"SC will take up on Tuesday, the Union of India's petition for review of its January 20 judgement that the Income Tax did not have the jurisdiction to levy Rs.11,000 crore as tax on the overseas deal between Vodafone International Group and Hutchison Group.
The hearing by a bench of CJ S.H. Kapadia and Justices Radha Krishnan and Swatantra Kumar, assumes importance in view of the proposed retrospective amendmentto the IT Act announced by the Finance Minister in the Union Budget. For, any such amendment is likely to have an impact on Vodafone".
Some thoughts that comes to our mind are
1) The government might not have gone to such great lengths to go to the SC, file for a review after losing to Vodafone, then even go for amendments,
if Chidambaram had continued as FM and not been Pranab Dada.
2) If an ordinary person selling his flat and receiving 50 lacs can invite capital gains tax, why not companies mentioned above who have made huge profits from the people of India.
3) Both companies deliberately signed the deal through tax havens, but it is for about their operations in India.
4) Does Vodafone intending to serve the people of the country, not have any social commitment and concerned with profits alone?
5)We may not expect Hutchison being a Chinese Co to have such sentiments, but the Left parties and Communists in India, would they have kept quiet like this if Hutchison been the buyer and Vodafone received the windfall money.
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This is a very vital judgement.
Many global companies and even foreign governments are studying it.
This might very negative impact on FDI's into India.
The key issue is the retrospective move to 1962 is something shocking.
This causes a crisis as tomorrow they move some other law back to 1947.
This is like thuglak darbar.
Dangerous precedence.
May be India will go the china way of having internally created growth than FDI.
Tough sell!.
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Sunny Leone a true Canadian DESI now back in India !.
http://www.thehindu.com/business/companies/article3016801.ece?homepage=true
Thank God that SC threw the case out.
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Sunny Leone a true Canadian DESI now back in India !.
Now I seriously doubt the intentions of MMS.
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A Delhite in Toronto
Supreme court's verdict was not in favor of government, so that is why they are planning to amend the law with retrospective effect from 1962. Of course it does send a very negative message to companies who want to invest in India. Why can't they amend the law from current date?
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Give free food http://www.thehungersite.com ||
Pranabda says that if the government has to abide by the verdict, it has to return 5 lakh crores. This money is like something gone down a croc's throat.
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