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Essar seeks Rs 4K cr refund from I-T dept

The tax department is, however, contesting the claim of Essar Communications

Press Trust of India  |  New Delhi 

Ruias-owned Essar Group is seeking a refund of Rs 4,000 crore capital gains tax deducted six years ago when it sold its stake in telecom venture to Vodafone of the UK. The group’s Mauritius unit, Essar Communications, had sold 22 per cent in Vodafone Essar to the Vodafone Group for $4.2 billion in July 2011. Vodafone, however, paid Essar $3.32 billion after withholding $0.88 billion (around Rs 4,000 crore) as tax deducted at source (TDS). It deposited that money with the income tax department as tax on long-term capital gains made by Essar. Official sources said ...

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First Published: Mon, May 01 2017. 03:10 IST
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