F P Staff 30 Dec 2013
The Income Tax Appellate Tribunal (ITAT) granted a six-month stay in the ongoing Vodafone-IT Department battle.
Last week the IT Department slapped a fresh tax demand of Rs 3,700 crore on the telecom giant in a case involving undervaluation of shares issued by Vodafone India to its British parent company, Vodafone. The latter appealed the order before the Mumbai bench of the ITAT.
Today, the ITAT agreed to a compromise solution offered by Vodafone, wherein the company would pay Rs 200 crore of the demanded Rs 3,700 and offer corporate guarantees for the balance, according to a report in moneycontrol.com.
The tribunal has ordered Vodafone to make the payment in two installments of Rs 100 crore each, one before 15 January and the other before 15 February 2014. The corporate guarantees are also to be furnished before 15 February.
Further hearings in the matter will take place on 19 March.
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