A Bench comprising Chief Justice SH Kapadia and Justice KS Radhakrishnan dismissed the Centre’s review petition filed on February 17 in the Vodafone tax case. The Apex Court dismissed government’s plea seeking review of its verdict given on January 20, 2012.
Finance Minister proposed to amend the Income Tax Act to levy capital gains tax on domestic asset acquisition through merger and acquisition deals involving foreign companies in its March 16 Budget. Today’s development holds significance as foreign entities who would plan to acquire asset in India can look forward in positive manner.
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