Mergers like the Vodafone-Hutchison , which are inked outside the country , will be subject to tax liability only if more than 50% of the assets involved are located in India, Parliament's standing committee on finance is expected to recommend in its report on the Direct Tax Code Bill. After detailed discussions at its meeting on Friday , where the suggested exemption limit was debated, committee chairperson Yashwant Sinha decided that the 50% cut-off was a reasonable compromise. Some members like CPI's Gurudas Dasgupta felt it was too generous, but others found it acceptable.
Source: Economic Times
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