Vodafone Judgment: Supreme Court of India Allows company Appeal

"PRAISE be to the Indian legal system! Businessmen do not say that very often but Vittorio Colao, the boss of Vodafone, mayhave uttered something along those lines on January 20^th after the firm’s four and a half year odyssey through the Indian courts came to end".1

Supreme Court of India (SC), an apex court of the territory has allowed Vodafone appeal in CIVIL APPEAL NO.733 OF 2012 (arising out of S.L.P. (C) No. 26529 of 2010) Vodafone International Holdings B.V.  versus Union of India & Anr. , and the Supreme Court inter alia rejecting the Revenue’s “extinguishment” argument of liability of tax evasion on the company under process of buying shares of CGP Investments (Holdings) Ltd. by Vodafone International Holdings BV.

SC has laid down a comprehensive precedent on process of Offshore transaction which are directly or indirectly related to India. We shall come up with detailed micro analysis of this judgment in couple of days.

Footnote 

1.  http://www.economist.com/blogs/schumpeter/2012/01/vodafone-india