The Supreme Court of India has rejected the government's review petition in the Vodafone Tax Case, which it had filed after the Cort had passed a judgement in Vodafone's favour. Vodafone has issued a statement informing the media about the Court's decision, and said that it looks forward to the immediate return of its deposit from the government. According a report by NDTV, the government has already refunded the deposit of Rs 2500 crore plus 4% interest to Vodafone. A company spokesperson also confirmed the receipt of the amount to the publication. Vodafone's media statement: “The Supreme Court has dismissed the Indian Tax Authorities review petition against the judgment in the Vodafone case. This once again emphasises the legality and bona fides of the transaction. The Supreme Court’s clear and unambiguous ruling today, based on the existing laws of India, re-iterates that the Indian tax authority does not have the jurisdiction to tax the transaction. We look forward to the return of our deposit immediately.” In January, the Supreme Court of India had ruled in favour of Vodafone in its Rs 11,000 crore tax dispute case with the Government, rejecting a claim made by the Government demanding for a payment of Rs 112.2 billion/ Rs 11,2200 crore (£1.6 billion) tax and interest for a transaction in Caymen Islands between foreign entities Hutchison Telecommunications International Limited (HTIL) & Vodafone International Holdings (VIH). The Indian government believed that the underlying assets in the company were Indian. The Court had said that the Indian Tax Department had no…
