The Vodafone affair - the layout

The Supreme Court’s ruling asserting the non-taxability of an acquisition by Vodafone, and the reaction of Indian revenue authorities in introducing an amendment to the Income-Tax Act in the 2012 Finance Bill enabling retrospective taxation, have brought up a string of questions on the interpretation and subsequent treatment for tax purposes of businesses. The particular context has been with respect to businesses operating in one country while dealing amongst themselves in another. 

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