The finance ministry is inclined to file a review petition on the Supreme Court verdict in the capital gains tax dispute with Vodafone over its purchase of shares from Hong Kong-based Hutchison in Hutchison Essar (now renamed Vodafone India).Last month, a three-judge SC bench ruled in favour of Vodafone, saying capital gains tax was not applicable. The apex court had set aside a Bombay high court decision favouring the income-tax department, which had levied a $2-billion tax on the transaction. It had also told the department to return Rs 2,500 crore earlier deposited by Vodafone International Holdings within two months, along with four per cent interest.
Source: Business Standard
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