ITAT grants conditional stay to Voda India Services in transfer pricing case
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Unlisted VISPL, formerly `3 Global Services Pvt Ltd’, which is liable to pay the sum and provide the guarantee, is likely to contest the tribunal ruling in a high court, a lawyer familiar with the matter, told ET.
Agencies
It also directed VISPL to “furnish a corporate guarantee from an associate company, which has unencumbered assets in India in excess of the balance disputed demands, i.e. Rs 900 crore”.
The Income Tax Appellate Tribunal (ITAT) on Monday granted a conditional stay to a Vodafone Group Plc entity Vodafone India Services Pvt Ltd (VISPL) in a transfer pricing case, directing the company to pay Rs 230 crore towards a disputed tax demand and provide a corporate guarantee from an associate company worth Rs 900 crore.
ITAT Directs Vodafone India to Pay Rs 230 Crore
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Investment Arbitration and India: 2020 Year in Review Thursday, February 25, 2021
For the Indian foreign direct investment landscape, 2020 was a mixed bag of equity inflows, policy changes, arbitration awards and innovative dispute resolution strategies. In September 2020, FDI equity inflows in India crossed the USD 500 billion milestone, computed over a period of 20 years starting from April 2000.
1 While global FDI witnessed a steep decline of 42%, India noted a 13% increase in FDI inflows.
2 India’s tightened scrutiny of FDI from her neighbours and FDI in e-commerce invited intense discussion.
However, the culmination of key long-standing arbitration proceedings initiated by foreign investors against India under international investment treaties invited global attention, especially in the final quarter of 2020. These disputes were initiated by foreign investors to challenge measures adopted by the Indian government and State entities that adversely impacted foreig