Vodafone has lost a landmark legal battle against the Indian tax authorities in a case that lawyers warn will have implications for future cross-border deals in the country.
The Mumbai High Court ruled on Wednesday that the UK telecoms group must pay capital gains tax into the Indian coffers for its $11bn acquisition of a controlling stake in Hutchison Essar, a domestic mobile phone operator, completed three years ago. The UK mobile operator could face a total tax bill of more than $2bn.
It is the first time an Indian court has ruled that the country’s tax department can charge a foreign company over a transaction that occurred outside India.
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