MUMBAI: Vodafone has won a case against the Income Tax Department in India. The case is in the latest bout of litigation between Vodafone and the Indian Income Tax.
The victory by Vodafone has quashed rumours of tax avoidance and tax evasion by large companies. The Income Tax Department had sent Vodafone Indian Rs 3,200 crore tax bill for undervaluing the shares Vodafone issued to its parent company but Vodafone argued that the share premium is a capital receipt and it is not income and hence not taxable and won the case in the court.
