[Techtaffy Newsdesk]
The Indian Supreme Court has ruled in favor of telecom giant Vodafone, in its appeal against a $2.2 billion tax claim on the company’s 2007 purchase of a majority stake in Hutchison Essar. “The Court has concluded that Vodafone had no liability to account for withholding tax on its acquisition of interests in Hutchison Essar Limited (now Vodafone India Limited) in 2007,” said Vodafone in an official release.
The case could end up being pivotal in India’s tryst with foreign investment in the country, as it sets a precdent for corporate tax.