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A wrong undone

In setting aside a Bombay High Court verdict that had directed Vodafone International Holdings to pay `11,000 crore to the Income Tax Department by way of capital gains tax after the telecom major acquired a majority stake in Hutch Essar in the country, the Supreme Court has dashed to the ground the UPA Government’s move to mop up revenues through the questionable means of taxing business deals that are crafted abroad and implemented in India. As the apex court has pointed out, since the buyout by Vodafone was done overseas, the deal does not come within of the jurisdiction of the country’s taxation authorities. 

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