INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The income tax department has disposed of most of the 18 crore shares of Cairns PLC in Vedanta worth around Rs 5,500 crore, with
major.
On January 25, 2016, the income tax department had passed an assessment order, raising tax demand of Rs 10,247 crore against Cairn
PLC for capital gains as it had sold Indian assets to Vedanta
were 18 crore shares.
The I-T department has also appropriated dividends paid by Vedanta to Cairn in two tranches for Rs 1,050 crore
international arbitration case under the India UK bilateral Investment Treaty is in its final stages
In March 2015, Cairn filed a notice of dispute under the Treaty in order to protect its legal position and seek restitution of the value
equitable treatment and protections against expropriation afforded by the Treaty have been breached by the actions of the ITD, which is
recompense from India for the loss of value resulting from the 2014 attachment of shares in CIL and the withholding of unrelated tax
department had seized its 18 crore shares in Vedanta.
