Ringing judgment

The Supreme Court delivered a landmark judgment that the income tax department did not have jurisdiction to tax Vodafone’s $11.07-billion acquisition of Hutchison’s 67 per cent stake in its Indian telecom joint venture with the Essar Group in May 2007. It upheld the rule of law, by “looking at” the deal through the Income Tax Act as it stands today, instead of “looking through” the deal to reflect the government’s policy intentions. 

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