No capital punishment

Justice KS Radhakrishnan summed it up well when, while delivering a separate but concurring judgment on the taxman’s R11,000 crore demand on Vodafone, he said that imposing capital gains taxes on Vodafone’s $11.1bn purchase of Hutch’s stake in its Indian telecom operations was tantamount to imposing capital punishment on capital investment in the country—indeed, if taxes had to be paid, they should have been paid by Hutch, not Vodafone.

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