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Govt seeks putting Cairn arbitration on hold

Cairn Energy had initiated the arbitration in March 2015 and the three-member arbitration panel had been constituted

Press Trust of India  |  New Delhi 

Government has sought putting on hold the arbitration initiated by British oil explorer Cairn Energy against a Rs 29,047 crore retrospective tax demand and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first. The government using retrospective tax legislation had in January 2014 issued a tax notice on Cairn Energy for alleged capital gains it made on a 10-year-old internal reorganisation of its India unit. Three months later in April 2014, it imposed a tax demand of Rs 20,495 crore on Cairn India, the UK firm's erstwhile subsidiary ...

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Govt seeks putting Cairn arbitration on hold

Cairn Energy had initiated the arbitration in March 2015 and the three-member arbitration panel had been constituted

Cairn Energy had initiated the arbitration in March 2015 and the three-member arbitration panel had been constituted Government has sought putting on hold the arbitration initiated by British oil explorer Cairn Energy against a Rs 29,047 crore retrospective tax demand and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first. The government using retrospective tax legislation had in January 2014 issued a tax notice on Cairn Energy for alleged capital gains it made on a 10-year-old internal reorganisation of its India unit. Three months later in April 2014, it imposed a tax demand of Rs 20,495 crore on Cairn India, the UK firm's erstwhile subsidiary ... image
Business Standard
177 22

Govt seeks putting Cairn arbitration on hold

Cairn Energy had initiated the arbitration in March 2015 and the three-member arbitration panel had been constituted

Government has sought putting on hold the arbitration initiated by British oil explorer Cairn Energy against a Rs 29,047 crore retrospective tax demand and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first. The government using retrospective tax legislation had in January 2014 issued a tax notice on Cairn Energy for alleged capital gains it made on a 10-year-old internal reorganisation of its India unit. Three months later in April 2014, it imposed a tax demand of Rs 20,495 crore on Cairn India, the UK firm's erstwhile subsidiary ...

image
Business Standard
177 22