The Supreme Court of India has ruled in favour of Vodafone in its Rs 11,000 crore tax dispute case, reports Economic Times. It said that the Indian Tax Department had no jurisdiction to tax the transaction since it happened offshore in Caymen Islands between two foreign entities Hutchison Telecommunications International Limited (HTIL) & Vodafone International Holdings (VIH), which was basically Vodafone's argument earlier. The court also noted that HTIL or VIH was not a short time investor and had existed since 1994, contributing around Rs 20,242 crores by the means of direct and indirect taxes on its business operations in the country. The Supreme court ordered the Income tax department to return Rs 2,500 crore deposited by Vodafone in 2010, in the next two months, along with interest calculated at the rate of four percent per annum. from the date…
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