Poonam Kishore Saxena

No 'rash job' will be done in Vodafone tax case: CBDT chief says

CBDTTax officials will not do a "rash job" on Vodafone tax issue as it needs due diligence, Central Board of Direct Taxes (CBDT) Chairperson Poonam Kishore Saxena said.

On October 22, 2010, the I-T Department had determined a tax liability of Rs 11,218 crore (including interest) on Vodafone for its acquisition of Hutchinson's stake in Hutch-Essar in a deal that was hit in the Cayman Islands in the year of 2007. However, that order was quashed by the Supreme Court of India in January 2012. Later, the government made the required amendment in the Income Tax Act with retrospective effect to drag such deals under tax network.

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